May 14, 2017 / 2:22 AM / 3 months ago

Chinese banks to lend 380 billion yuan to support Belt and Road cooperation

BEIJING, May 14 (Reuters) - Chinese President Xi Jinping on Sunday said Chinese banks will lend 380 billion yuan ($55.09 billion) to support Belt and Road cooperation, and China will also inject 100 billion yuan into a Silk Road Fund.

China encourages financial institutions to expand their overseas yuan fund businesses, and the overall scale is expected to reach 300 billion yuan, Xi said. ($1 = 6.8972 Chinese yuan renminbi) (Reporting by Ryan Woo; Editing by Robert Birsel)

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