Friday, July 17, 2015

China Banks Recruited in Stock Market Rescue

China's biggest banks have lent 1.3 trillion yuan ($209.4 billion) to the country's state-backed margin lender to halt a meltdown in Chinese shares, local media said on Friday, underlining the government's determination to support stock prices. Financial magazine Caijing cited unnamed sources as saying that 17 commercial Chinese banks had coughed up the cash for China Securities Finance Corp as of Monday, after China's central bank said it wanted to extend funding to the...

via Economy - Voice of America http://ift.tt/1HyT7en

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