New data has shown that China's lending in 2013 was moderated and the growth of broad money supply eased, triggering forecasts that credit tapering will continue in 2014.

China's new yuan-denominated lending stood at 8.89 trillion yuan ($1.5 trillion) in 2013, up 687.9 billion yuan ($113.6 billion) from the previous year, said Sheng Songcheng, head of the Statistics Department at the People's Bank of China, the country's central bank, on January 15.

Total social financing, a measure of funds raised by entities in the real economy and a broad measure of liquidity in the economy, hit a record high of 17.29 trillion yuan ($2.9 trillion) last year, up 1.53 trillion yuan ($252.8 billion) year on year.

New yuan lending accounted for about 51.4 percent of total social financing, the lowest proportion in history and 0.6 percentage points lower than 2012.

The narrow measure of money supply (M1), which covers cash in circulation plus current corporate deposits, rose 9.3 percent from the year earlier period to 33.73 trillion yuan ($5.6 trillion).

The broad measure of money supply (M2), which covers cash in circulation and all deposits, jumped 13.6 percent to 110.65 trillion yuan ($18.3 trillion) in 2013, 0.2 percentage points less than in 2012, Sheng said.

Outstanding cash in circulation (M0) amounted to 5.86 trillion yuan ($968.1 billion), up 7.1 percent from 2012.

"The moderation in M2 and credit growth is in line with our view that credit tapering will continue in 2014," said Zhu Haibin, J.P. Morgan China Chief Economist.

Sheng said 2014 will see the central bank continue to implement a prudent monetary policy, make appropriate preemptive adjustments, and use various liquidity management tools to make monetary conditions "not too tight nor too loose."

China has kept a proactive fiscal policy since late 2008, when the country unveiled a 4-trillion-yuan ($566 billion) stimulus package to cushion the impact of the global financial crisis. Its monetary policy has been prudent since late 2010.