Fresh data from the People's Bank of China showed that China's new yuan-denominated loans stood at 3.23 trillion yuan (about 477 billion U.S. dollars) in January, up 328.4 billion yuan year-on-year.

Outstanding yuan loans grew 13.4 percent from a year earlier, above the expected 13.1 percent but easing from December's rise of 13.5 percent.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.4 percent year-on-year to 186.59 trillion yuan at the end of January, according to the central bank.

Meanwhile, China's total social financing, a broad measure of credit and liquidity in the economy, hit a record 4.64 trillion yuan in January.