China to impose new rules on three banks
Accordingly, the Chinese policy banks, which are responsible for funding state-invested economic projects, are required to launch capital mechanisms to prevent them from lending more cash than they can afford.
The rules were launched in line with the recent concerns over China’s rising debt that may risk China’s economic stability.
The three banks, namely China Development Bank, Export-Import Bank of China and the Agricultural Development Bank of China, reportedly provided CNY1.42 trillion ($214 million) to the Chinese government’s ‘One Belt, One Road’ project, which aims to form a modern Silk Road by promoting an extensive network of trade routes.
The aforementioned banks have CNY25 trillion ($3.8 billion) in assets as of the end of September, the local media reported.
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