Chinese banks are directing copious amounts of funds toward efforts to contain the spread of the coronavirus following calls for support from the central government.
Data from the China Banking and Insurance Regulatory Commission (CBIRC) indicates that as of 26 February the Chinese banking sector had provided over 790 billion yuan (approx. USD$113 billion) in loans related to efforts to combat the coronavirus and its impacts.
The big six state-owned banks have provided 67.2 billion yuan in total in loans to key enterprises in areas including medical provisions, while also providing 75.4 billion yuan in loans to enterprises that provide daily supplies for dealing with the disease.
The Chinese insurance sector is expected to provide 2.5 billion yuan in insurance premium discounts and exemptions to hardship areas and enterprises.
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