China: Billions raised for Belt and Road Initiative by the “Big Four”
It is believed that China’s largest public commercial banks are bringing together billions to finance the investment under Beijing's "Belt and Road" initiative. This is in order to internationalize the Yuan (¥) and strengthen aspirations to energize the Silk Road trade routes.
China’s second-largest bank by assets, China Construction Bank Corp (CCB), has been administering financial roadshows in order to raise a minimum of CNY ¥100 billion (USD $15 billion), from both onshore and offshore investors.
The smallest of the “Big Four” lenders, the Bank of China (BOC), strives to raise approximately CNY ¥20 billion (USD $3 billion).
The remaining two banks, Industrial and Commercial Bank of China Ltd and Agricultural Bank of China Ltd, are contemplating the same fundraising plans.
President Xi Jinping had previously proposed the enhancement of financial support for the Belt and Road project back in May.
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