Day: June 19, 2020
China calls on banks to give up US$212 billion in profits to finance cheap business lending
China’s government is reaching beyond its monetary policy tool box to free up capital and direct funds towards the nation’s cash-starved businesses to help the economy claw its way out of its worst slump in four decades. The government has called on banks to sacrifice as much as 1.5 trillion yuan (US$212 billion) in profits