China to Boost Capital at Mega Banks for First Time in a Decade [BNN Bloomberg (Canada)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: BNN Bloomberg
At a rare press conference on Tuesday, authorities flagged they will increase the core tier 1 capital at its six major commercial banks, along with a slew of other measures to shore up the real estate market and the economy. “Capital will be injected to different banks in turns and with different policies,” said Li Yunze, minister of the National Financial Regulatory Administration, without giving more details. The regulator will urge big banks to enhance capital management capabilities and strengthen operations to better serve as a driving force for the real economy, he said. Authorities on Tuesday announced a major stimulus push to shore up growth. That included lowering how much banks need to hold in reserves and a cut to the key policy rate. Regulators also unveiled they will lower mortgage rates and ease down payment requirements on second-home purchases. Li said that it has become necessary to add capital through various internal and external channels. It would be the fir
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