May 14, 2017 / 2:32 AM / 2 years ago

Chinese banks to lend 380 billion yuan to support Belt and Road cooperation

Chilean President Michelle Bachelet (behind L) and Chinese President Xi Jinping (behind R) attend a signing ceremony ahead of the Belt and Road Forum in Beijing, China May 13, 2017. REUTERS/Jason Lee

BEIJING (Reuters) - Chinese President Xi Jinping on Sunday said Chinese banks will lend 380 billion yuan ($55.09 billion) to support Belt and Road cooperation, and China will also inject 100 billion yuan into a Silk Road Fund.

China encourages financial institutions to expand their overseas yuan fund businesses, and the overall scale is expected to reach 300 billion yuan, Xi said.

Reporting by Ryan Woo; Editing by Robert Birsel

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