New loans higher than expected

Chinese banks made 852.7 billion yuan ($137.8 billion) worth of new loans in November, data showed on Friday, well above market expectations but still unlikely to dispel worries about the country's sputtering economic growth.

The People's Bank of China, the central bank, said in the same online statement that China's broad M2 money supply rose 12.3 percent in November from a year ago, slightly less than expected.

Bank lending and changes in money supply are crucial parts of China's monetary policy. The government tells commercial banks how much to lend and when to lend each year.