Mainland money supply growth slowed last month to its lowest level this year as banks were reluctant to lend more in a sluggish economy. The broad M2 money supply, which includes cash in circulation, business deposits as well as personal savings, grew 14 per cent year on year to 11.65 trillion yuan (about HK$10.86 trillion) at the end of last month, Xinhua said, quoting People's Bank of China figures. The narrower M1, which includes cash in circulation and business deposits, grew 15.9 per cent to 4.33 trillion yuan, up from 15.1 per cent at the end of October. Depositors shifted money from banks due to a 20 per cent tax on interest income. M0 grew 17 per cent last month to 1.24 trillion yuan, against 15.7 per cent in October. The mainland's central bank has vowed to increase money supply, widen the limits for floating interest rates as well as hasten financial reforms to increase banks' competitiveness before entry into the World Trade Organisation.