May 14, 2017 / 2:23 AM / 2 months ago

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

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China's President Xi Jinping attends a meeting with Ethiopia's Prime Minister Hailemariam Desalegn (not pictured) ahead of the upcoming Belt and Road Forum at the Great Hall of the People, in Beijing, China May 12, 2017.Jason Lee

BEIJING (Reuters) - Chinese President Xi Jinping on Sunday said Chinese banks will lend 380 billion yuan (£42.7 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.

Reporting by Ryan Woo; Editing by Robert Birsel

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