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The People's Bank of China in Beijing, October 3, 2022. /CFP
China's credit expanded slightly in November amid official pledges to support economic recovery, according to central bank data released on Monday.
New yuan-denominated loans totaled 1.21 trillion yuan ($174 billion) in November, up from 615.2 billion yuan in October, official data showed.
Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 1.99 trillion yuan, much higher than 907.9 billion yuan in October.
M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 12.4 percent year on year to 264.7 trillion yuan at the end of last month, according to the People's Bank of China (PBOC).
China's monetary policy is helping the economy withstand challenges from COVID-19 resurgences and external headwinds.
China's financial institutions are utilizing all types of financial tools that have effectively driven up demand for loans, PBOC Governor Yi Gang said during a forum last month.
Last week, the Politburo of the Communist Party of China (CPC) held its meeting and vowed to maintain a "prudent monetary policy" that should be "targeted and effective."
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Disinformation report hotline: 010-85061466