Chinese banks to raise $71.6 billion

Four of China's largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry, after Beijing pledged to help them support the economy.

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The fundraising, which aims to boost the banks' core tier-1 capital, comes after Chinese policymakers vowed earlier this month to recapitalise major state banks to the tune of 500 billion yuan to boost their ability to bolster the real economy.

Bank of China said it aims to raise up to 165 billion yuan and China Construction Bank plans private placements of up to 105 billion yuan, filings released by the banks on Sunday said.