China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP
China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP

Coronavirus: China calls on banks to give up US$212 billion in profits to finance cheap business lending

  • In latest stimulus step, China’s State Council calls on banks to give up equivalent of 75 per cent of their 2019 profits to help stead the economy
  • China’s central bank will direct financial institutions to lower lending rates, add fresh funds at low rates for borrowers and slash service fees

Topic |   Banking & Finance
China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP
China has urged banks to surrender 1.5 trillion yuan (US$212 billion) in profits this year to help predominantly small businesses weather the impact of the coronavirus. Photo: AFP
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