Chinese households’ demand for loans weakened last month, while corporate financing remained subdued, with growth mainly driven by bill financing and short-term borrowing.

China added 390 billion yuan (USD55.3 billion) in yuan-denominated loans in November, down from 580 billion yuan a year earlier, according to data released by the People’s Bank of China on Dec.12. 

Household loans declined by 206.3 billion yuan from a year earlier, compared with an increase of 270 billion yuan in the same period last year. Short-term household loans fell by 215.8 billion yuan, deeper than the 37 billion yuan (USD5.2 billion) decline recorded a year earlier, while medium- and long-term household loans rose by 10 billion yuan, sharply lower than the 300 billion yuan increase seen last year.