Reuters: Financial Services and Real Estate: CORRECTED-China allocates $24 bln foreign debt quota to foreign banks

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CORRECTED-China allocates $24 bln foreign debt quota to foreign banks Mar 29th 2012, 04:34 Thu Mar 29, 2012 12:34am EDT BEIJING, March 29 (Reuters) - China has allocated $24 billion in long-term foreign debt quotas to foreign banks for 2012 to allow the lenders to bring more money into the Chinese economy, the National Development and Reform Commission (NDRC) said on Thursday. Among the banks the quota applies to are 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 six banks are involved in a foreign debt pilot project, the agency said, without specifying the details of the project. 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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