$72bn capital injection into China's big 4 banks

 

$72bn capital injection into China's big 4 banks

Finance ministry says funding will help institutions be 'main force' for economy.  Shares of China's top state banks were mixed on Monday after four of them announced plans the day before to raise a combined 520 billion yuan ($71.7 billion) by issuing new shares amid a broad market sell-off.

The four banks -- China Construction Bank, Bank of China, Bank of Communications and Postal Savings Bank of China -- all opened higher on mainland exchanges. The stocks temporarily wobbled, with BoCom slipping into negative territory, before they all closed up. The CSI 300 Index, a gauge of mainland-listed stocks, fell 0.7%.