China’s bank lending weakened in July, suggesting Beijing’s stimulus efforts not working

• Chinese banks extended 1.06 trillion yuan (US$150.17 billion) in net new loans last month, down from 1.66 trillion yuan (US$235.17 billion) in June
• There was an eye-catching drop in corporate lending in July, plunging by two-thirds to 297.4 billion yuan (US$42.1 billion) from 910.5 billion yuan the month before