On September 6, several of China’s largest banks and insurance companies suddenly announced plans for a major capital boost. Eight state-owned financial institutions, including the Industrial and Commercial Bank of China, Agricultural Bank of China, Export-Import Bank of China, China Export & Credit Insurance Corporation, PICC, China Life Insurance, China Taiping, and China Reinsurance, will receive a combined 360 billion yuan injection into their core Tier 1 capital.
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