China to inject $69bn into four big banks

CHINA'S FINANCE MINISTRY will inject $69 billion into four of the nation's largest state banks via their share placements, following through on Beijing's earlier pledge to beef up the lenders' capital buffers.

- BLOOMBERG

Bank of Communications, Bank of China, Postal Savings Bank of China and China Construction Bank plan to raise up to a combined 520 billion yuan ($72 billion) through additional offerings of mainland-traded stocks, according to filings on Sunday. The Ministry of Finance will be the top investor in all the proposed private placements, subscribing to 500 billion yuan worth of shares in total. The banks will issue the new shares at