Chinese Bank Lending Slows in July while Electricity Generation Surges
Coal, Economy, Electricity
Chinese banks gave out a net 825.5 billion yuan ($123.6 billion) in new loans in July, down from 1.5 trillion yuan in June and the lowest monthly total since November 2016, according to the People’s Bank of China. However, this was still well above the year-ago level of 463.6 billion yuan. Net new lending in the first seven months of the year was up by 10% on the same period in 2016 at 8.8 trillion yuan ($1.3 trillion).
Meanwhile, electricity production in China surged to a monthly record of 6,047 million kWh in July, up by 8.6% year-on-year, according to the country’s National Energy Administration, lifted by increased air conditioning use after a heatwave across much of the country. There was strong growth in thermal power generation in July, up by 10.5% to 4,334 million kWh, while hydropower edged slightly higher to 1,246 million kWh.