Yuan-denominated lending in October came in at a touch over 506.1 billion yuan ($82 billion), an increase of 700 million yuan ($115 million) from the same period last year, according to the People's Bank of China (PBC), the central bank.

The volume was a retreat from the 787 billion yuan ($129 billion) in September and well below market expectations.

"Most of the decline is seasonal, as loan demand usually softens toward the year's end," according to Lu Ting and Zhi Xiaojia, China economists with Bank of America Merrill Lynch, in a research note, adding that the decline could also reflect weaker loan supply.

New yuan loans for the first 10 months amounted to 7.78 trillion yuan ($1.28 trillion), up 557.7 billion yuan ($91.54 billion) from a year earlier, the PBC said.

In consideration of the new dynamics in the economy, analysts largely believe the central bank would maintain a steady stance while fine-tuning its policies to balance growth and reforms.

"Though we cautioned in mid-October that the government could scale back its pro-growth measures and the PBC prevent credit growth from quickening, we don't think the latter would significantly tighten monetary policy as the new leaders still need a stable economic and financial environment," noted both Lu and Zhi.