China plans to inject more than 50 billion euros into banking

China plans to begin recapitalizing three of its largest banks in the coming months , in line with a sweeping stimulus package announced last year to shore up its economy, Bloomberg reported Wednesday.

Beijing is looking at the possibility of injecting at least 400 billion yuan ($55 billion or €52.5 billion at the current exchange rate) in new capital into a first "batch" comprising the Agricultural Bank of China, Bank of Communications and Postal Savings Bank of China, sources close to the process told the news agency on condition of anonymity.

This plan, which could be completed in June, is, however, still subject to changes, and the amount to be allocated to each bank is also being finalized.

China’s economy expanded at an annual pace of 5% in 2024 , in line with Beijing’s target, reflecting record exports and recent stimulus measures. China has been struggling with weak domestic consumption and deflationary pressures, reflecting a prolonged slump in the property sector, once a key driver of the world’s second-largest economy.