China’s central bank is injecting CNY500bn or $81bn into the nation’s top five lenders for a three-month period to bolster the country’s flagging economy.

The five banks said to be receiving the stimulus are the Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications.

The People’s Bank of China (PBOC) will lend CNY100 billion each to the five state-owned banks through a relatively new mechanism known as the standing lending facility.

The move follows a string of weak data on industrial production, retail sales, imports and foreign direct investment, escalating concerns over a growth slowdown.

The amount is equivalent to a 50 basis point cut to China’s reserve requirement ratio, the level of cash banks must deposit with the central bank.

Recently, the European Central Bank also began a program to provide banks with extremely low-rate loans, provided that they relend the money in the private sector.

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