China Orders Banks to Ramp Up Funding to Boost Coal Output
- Banking regulator orders increased financing for coal, power
- Bans financing from being used to speculate in commodities
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China ordered its banks to ramp up funding to coal and energy companies, another step in its efforts to ease a power crunch and ensure supplies this winter.
Banks and other financial institutions should prioritize lending to qualified mines and power plants so they can increase thermal coal and electricity output, China Banking and Insurance Regulatory Commission said in a statement Tuesday.