China Sets Up Giant Security Fund As Slowdown Grows – Nikkei

China is putting together a new financial stability security fund that could run into tens of billions of dollars to mitigate risks amid a slowdown that poses a serious threat to the Chinese financial system, Nikkei Asia reported.

Banks and financial institutions such as payment processors are expected to contribute to the government-controlled fund, the report said, adding that Beijing, which has already raised 64.6 billion yuan, or $9.7 billion, aims to put together around $100 billion by September.

Read the full report: Nikkei Asia.

ALSO READ:

Greenland a Harbinger of Bailouts in China’s Property Sector

China Developer Greenland Seen Deferring $488m Bond Debt

China Keeps Lending Benchmark Rates Unchanged

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

You Might also Like

China’s Shock Rate Surge to 50% Triggers Regulatory Probe

Deflationary Pressures on China Ease, But Demand Still Weak

‘Atrocious’ Move to Join China BRI Didn’t Help Italy: Minister

Can China Take Place of SWIFT System? Analysts Say 'No'