Chinese local governments provide capital boost to struggling banks amid property crisis ...Middle East

Local governments in China have been injecting into capital into struggling smaller banks, seeking to contain spillover risks from a deepening property crisis and only slowly recovering economy.Local govmts have sold record amounts of Special-purpose bonds this yearSpecial-purpose bonds are a form of off-budget debt financing used by local governments in ChinaLocal governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising themhave raised 152.3 billion yuan (US$21.05 billion) via such bonds so far in 2023 Info comes via Reuters, link here for (much) more This

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