New loans by China's Big Four banks hit a new low in October, underlining progress in Beijing's efforts to de-leverage the economy.

The Big Four, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China, issued just 182 billion yuan ($29.87 billion) in loans in October, around 40 billion yuan fewer than last October, the smallest amount for the year. Analysts estimate that new lending by the sector in the month stands at around 500 billion to 600 billion yuan.

Chang Jian, a Hong Kong-based economist with Barclays Capital, estimates that new loans dropped to 525 billion yuan in October from 787 billion yuan in September. That translates into a 0.2 percentage point deceleration in M2 growth from 14.2 percent in September to 14 percent in October.