China’s New Financial Stability Fund Raises $9.59 Billion From Big Banks

A new financial security fund raised 64.6 billion yuan ($9.59 billion) of capital in a first round of payments by big Chinese banks, China’s banking and insurance regulator said Tuesday.

The China Banking and Insurance Regulatory Commission (CBIRC) reported that the basic framework of the Financial Stability Security Fund was preliminarily stablished. The CBIRC made the disclosure in an article published Monday in Qiushi Journal, the flagship magazine of the Communist Party.