China’s central bank has approved a $14 billion bailout of a massive credit facility to help its struggling economy as the country’s economy tumbles further into crisis.
The central bank on Thursday approved the loans from the countrys largest lender, China Construction Bank, and China Export Bank, both of which have assets of more than $1 trillion.
The loans represent a historic first for a central bank.
They will provide $1.2 trillion of loans to the government, which has been struggling to cope with the collapse of the Chinese economy.
The approval by the central bank came amid mounting concern that China’s economy is in a deep recession and that its banks are under pressure to bail out its biggest creditor.
In a statement on Thursday, China’s foreign ministry said the central banks support and stabilize the economy, and urged the international community to take note of the government’s achievements.
“As the economy continues to shrink, the Chinese people must be fully informed of the central Bank’s actions,” it said.
The Chinese government has been grappling with what it calls the “economic apocalypse,” which has plunged the nation into a crippling recession and led to an economic crisis that is killing at least 30,000 people a day.
The bank and the export bank have been crucial in helping the government weather the financial crisis, which is threatening to engulf China’s biggest economy.
The central bank said last month that its emergency loan was sufficient to stabilize the financial system.
It said the loan was to be paid off by the end of 2018.
It also approved a loan for the Chinese military, which will provide assistance to the country during the crisis.
China’s financial crisis has been a major source of public discontent, and many people are demanding more from the government.
China has struggled to prop up its currency as the government struggles to shore up the economy and boost exports.
The country’s main stock market index has been on a tear since China’s stock market collapsed in early April, losing more than 1% of its value.
The government has struggled with its huge public debt, which it owes for the support of a struggling economy.