China to pump $54 billion into banks, insurers to boost lending

China is injecting $54 billion (₹5.10 lakh crore) into its largest state-owned banks and insurers in its biggest recapitalisation in two decades. Ministry of Finance will issue special bonds to recapitalise eight financial institutions like Industrial & Commercial Bank of China, Agricultural Bank of China and PIC (Group) of China. The move aims to boost lending to businesses and households.