Data from People's Bank of China shows slump in lending in July

Sharply slowing export growth together with a slump in bank loans and industrial output in July are pointing to a prolonged slowdown for the world's second largest economy.

China's exports increased 1 percent year-on-year in July, the worst growth since 2009, reflecting how the global economic slowdown has weakened demand for Chinese exports, the General Administration of Customs said Friday.