Even as the government took measures to curb credit expansion, it is also aiming to exit from the stimulus policy and ease worries of economic overheating. At the same time, it does not want to disturb the fundamentals for strong economic growth due to improper policy tightening.

Analysts said with the lending pace slowing in the past few months, there is enough room for the government to consider an interest rate hike, a clear signal of serious policy tightening.

"Policymakers in Beijing have taken their foot off the accelerator, but have not yet hit the brakes," Stephen Green, Standard Chartered Bank's head of China research, said in a research note.

"Overall, we believe policymakers do see some limited, short-term overheating pressures developing. But they are reluctant to tighten more," he said.

Chen Xi, a Shenzhen-based banking analyst with First Capital Securities, said the expectation of a mild yuan appreciation in the near term could help ease the inflationary pressure triggered by the soaring commodity prices in international markets.

"That will postpone the government's planned interest rate hike, as the policymakers need several months after the yuan appreciates to decide if a tighter monetary policy is still necessary," she said.

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