Four of China’s largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry, after Beijing pledged to help them support the economy.

BEIJING (Reuters) -Four of China's largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry,

China’s finance ministry will inject $69 billion into four of the nation’s largest state banks via their share placements, following through on Beijing’s earlier pledge to beef up the lenders’ capital buffers.