RTTNews | Dec 9, 2021 05:06AM EST

05:06 Thursday, December 9, 2021 (RTTNews.com) - China's bank lending increased less than expected in November, data from the People's Bank of China revealed on Thursday.

Banks extended CNY 1.27 trillion in new loans in November but less than the expected lending of CNY 1.6 trillion. Lending had increased CNY 826.2 billion in October.

Total social financing, a broad measure of credit and liquidity in the economy, increased to CNY 2.61 trillion from CNY 1.59 trillion in October.

Broad M2 money supply grew 8.5 percent year-on-year in November, following an 8.7 percent rise in October.

Credit growth could edge up further in the coming months given intensifying efforts to push down borrowing costs and support the housing market, Julian Evans-Pritchard, an economist at Capital Economics, said.

That said, policymakers still appear to be trying to balance their desire to soften the economic downturn with their concerns over high debt levels, the economist added.

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