The Chinese government is at it again. Having already spent at least $45 billion in what may well prove to be vainglorious attempts to fix the country’s ailing state-owned banking system, the People’s Bank of China (PBC) announced that the State Council has decided to part with another $15 billion of foreign exchange reserves to shore up the capital base of Industrial and Commercial Bank of China, by assets, the nation’s largest bank.
Citing the enormous contribution made to development of the national economy by ICBC, the PBC explains that the funds will improve ICBC’s core capital adequacy ratio to 6%.
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