China’s Municipal Commercial Banks, Private Lenders, Extend over 120 Billion Yuan in Special Coronavirus Loans

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China’s municipal commercial banks and private banks are heeding calls from the Chinese central government to step up lending support in relation to efforts to contain the spread of the novel coronavirus.

Figures from the China Banking Association (CBA) indicate that as of 17 February China’s 152 municipal commercial banks and 18 private banks had extended credit support of 122.53 billion yuan (approx. USD$17.51 billion) in relation to efforts contain both the spread and impacts of the coronavirus.

According to CBA these funds are for the purpose of preventing and controlling the spread of the coronavirus, as well as for the resumption of work and production by companies.

CBA data further indicates that these banks also made donations of money and provisions worth 430 billion yuan in total.

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