Industrial & Commercial Bank of China (SHA: 601398, HKG: 1398), the world's biggest lender by market cap, has agreed to extend ¥300 billion to western China's Chongqing municipality. The loans will be invested in the city's transport, energy, petrochemicals, smelting, automotive, and IT sectors. The bank will also assist major local businesses, including Chongqing Iron & Steel Co Ltd (SHA: 601005), Chongqing Urban Construction Investment Co, Chongqing Chemicals and Pharmaceuticals Holdings, and Chongqing Water Assets Management Co, on management of cash, annuity and bank card and intermediary financial services.
$1 = ¥6.8