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business
Sunday May 14, 2017
By
RREUTERS

Chinese banks to lend 380 billion yuan to support Belt and Road cooperation

By
RREUTERS
Chinese banks to lend 380 billion yuan to support Belt and Road cooperation
China's President Xi Jinping waits to meet Poland's Prime Minister Beata Szydlo (not pictured) ahead of the upcoming Belt and Road Forum at the Great Hall of the People, in Beijing, China May 12, 2017. REUTERS/Jason Lee

Chinese banks will lend 380 billion yuan ($55.09 billion) to support Belt and Road cooperation, Chinese President Xi Jinping said on Sunday, adding that China will also inject 100 billion yuan into a Silk Road Fund.

China encourages financial institutions to expand their overseas yuan fund businesses, and the overall scale is expected to reach 300 billion yuan, Xi said.

On the other hand, Chinese President Xi Jinping on Sunday pledged 60 billion yuan ($8.70 billion) in aid to countries and international organisations participating in its new Silk Road plan.

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