Daily News: October 26, 2018

Chinese Car Maker FAW Signs $144B Credit Line with 16 Banks


The Financial Times reported that Chinese car maker FAW Group signed a $144 billion credit line with 16 banks, including China Construction Bank, Industrial and Commercial Bank of China, Bank of China and Agricultural Bank of China.

According to the Financial Times, Chinese banks routinely provide state-controlled companies with access to credit but the size of the FAW deal was unique.