30 billion yuan boost for banks

January 17, 2009, Saturday |

Print Edition

CHINA'S central bank and finance ministry said they will deposit 30 billion yuan (US$4.4 billion) of the treasury's cash with commercial banks to make more funds available for lending and improve returns on the money.

The cash will be deposited with the institutions for three months from next Wednesday, according to a statement on the People's Bank of China Website yesterday. The deposit rate will be set through an auction with the banks that offer to handle the funds.

Finance

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30 billion yuan boost for banks

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