Credit growth slows down in Oct

Curbs on shadow lending crimp demand for new loans in country

The nation's new loans and the broad measure of money supply or M2 fell to a record-low in October as lenders tightened mortgage lending and corporates stayed away from bank loans, amid an overall clampdown on shadow lending activities.

The country's year-on-year M2 growth declined to 8.8 percent from 9.2 percent in September, according to data released by the central bank on Monday. It was the sixth straight month that the M2, the broad measure of money supply that covers cash in circulation, registered a single-digit growth rate, which is far from the annual target of 13 percent.