Hong Kong — China’s largest state-owned commercial banks are raising billions to fund investment under Beijing’s Belt and Road drive, people close to the matter said, bolstering ambitions to revive Silk Road trade routes and internationalise the yuan. China Construction Bank Corp (CCB), the country’s second-biggest bank by assets, has been conducting road shows to raise at least 100-billion yuan ($15bn) from onshore and offshore investors, the people said. Bank of China (BoC), the smallest of the country’s "big four" lenders, aims to raise about 20-billion yuan, two of the people said. The fundraising comes less than a week after the government said it would strengthen regulation to reduce risk for domestic firms investing abroad and curb "irrational" Belt and Road investment. The government is increasingly scrutinising international investment after some big-money deals in recent years. Private spending on overseas mergers and acquisitions has since slumped in countries other than ...
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