求翻译：2005年11月末M2同比增长18.3%，我们认为这一水平偏高，不利于宏观经济的平稳运行，此增速理应降低。虽然05年初以来商业银行，特别是国有商业银行出现了不同程度的“惜贷”、“慎贷”的倾向，信贷增速明显下降，但受国外净资产快速增长的影响，M2增速持续走高。是什么意思？

11 at the end of 2005 m2 year-on-year growth of 18.3%, we believe that this level is high, is not conducive to the smooth running of the macro-economic growth should reduce. Since early 2005, commercial banks, especially state-owned commercial banks with varying degrees of "credit crunch" and "prude

In 2005 11 compared to the same 2 month M 18.3 % growth, and we believe that this is high, to the detriment of the macro-economic stability, the growth rate should be reduced. Although 05 commercial banks, particularly since the beginning, the state-owned commercial banks in different degrees of "cr

Late in November 2005, M2 rose 18.3%, we believe that this is high, not conducive to the smooth running of macroeconomic, this%