China's new yuan lending drops in October

BEIJING - China's new yuan-denominated lending in October stood at 505.2 billion yuan ($80.32 billion), dropping 81.6 billion yuan from a year earlier, the People's Bank of China, the central bank, announced on Monday.

The figure decreased from the 623.2 billion yuan of new yuan loans registered in September.

The PBOC said that total social financing, a measure of funds raised by entities in the real economy, stood at 1.29 trillion yuan in October, up 503.8 billion yuan from a year earlier.

In the first 10 months of the year, the country's social financing added up to 13.02 trillion yuan, up 2.42 trillion yuan from the same period last year, data showed.

New loans denominated in foreign currencies hit 129 billion yuan last month, up 87.5 billion yuan year-on-year, according to the data.