China Pumps $81Bn Into Banks To Stop Slowdown – Report – 17 September 2014

RT logoThe Chinese central bank is to inject $81 billion (500 billion yuan) into 5 major state banks to stimulate economic activity and lending, according to a source inside the People’s Bank of China.

It is an attempt to counter slower than expected growth in the world’s second largest economy while the government pursues economic reforms, The Wall Street Journal reported, citing an unnamed senior Chinese banker.

About $16 billion (100 billion Yuan) in stimulus will be injected into Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China, which are all headquartered in Beijing, and the Bank of Communications headquartered in Shanghai. The sum is much higher than the 22.07 billion yuan allotted last year.

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