(Bloomberg) — China’s bank loans expanded at the slowest pace on record in February, underscoring a weakness in borrowing demand despite the central bank taking steps to ease policy and help the economy.

The stock of yuan loans grew 9.7% in February from a year ago, the lowest in data going back to 2003, according to figures released by the People’s Bank of China (PBOC) on Friday. It was also the first time the rate had dropped below 10%.