China’s banks have dialed back lending to the lowest level in 14 years as economic woes pile up

Chinese President Xi Jinping speaks during a meeting in the Great Hall of the People in Beijing, China December 7, 2016. Reuters/Fred Dufour In July, the volume of loans doled out from Chinese banks hit their lowest amount since 2009. The People’s Bank of China said new loans reached 345.9 billion yuan in July, less than half the amount expected by Bloomberg economists. A key measure of credit also fell well below estimates in July, per Bloomberg, signaling weak demand. China’s economy continues to amass a range of bleak data from property and trade to manufacturing and demographics, and on…