China's Big 4 lenders raising billions for Beijing's 'Belt and Road' drive
China's main state-owned commercial banks are in the process of raising over one hundred billion of yuan to finance Beijing's 'Belt and Road' initiative whose aim is to revive the Silk Road trade routes and internationalise the country's currency.
According to Reuters, China Construction Bank, the country's second-largest in terms of assets held, had already conducted roadshows aimed at raising at least 100bn yuan (£11.72bn) from both domestic and foreign investors.
Bank of China, the smallest of the country's Big 4 lenders, was looking to raise 20bn yuan.
Year-to-date, investment linked to 'Belt and Road' countries was running at $33bn (£25.8bn), versus $31bn over all of 2016.
Just one week before, the authorities had moved to reduce the risk from from firms investing abroad, including "irrational" investment linked to Beijing's plans, leading to a slump in M & A flows to countries outside the 'Belt and Road' initiative.
Beijing's target was for 300bn yuan of investment in its 'Belt and Road' project.
Industrial and Commercial Bank of China and Agricultural Bank of China were reportedly also studying raising funds.