Reuters: US Dollar Report: China allocates $24 bln foreign debt quota to six foreign banks

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China allocates $24 bln foreign debt quota to six foreign banks Mar 29th 2012, 03:21 BEIJING, March 29 | Wed Mar 28, 2012 11:21pm EDT BEIJING, March 29 (Reuters) - China has allocated $24 billion in long-term foreign debt quotas to six foreign banks to allow the lenders to bring more money into the Chinese economy, the National Development and Reform Commission (NDRC) said on Thursday. The six banks were the China units of HSBC Holdings Plc , Deutsche Bank Ag, JP Morgan , Citigroup, Sumitomo Mitsui Banking Corp and Bank of East Asia, the economic planning agency said. The NDRC said the quota was given on a trial basis, indicating that Beijing may expand the programme to other foreign banks. As the Chinese economy shows signs of slower growth, the government is trying to encourage long-term capital inflows. The move is designed to allow foreign banks to play an active role in promoting China's economic growth, NDRC said.

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