China tells banks to lend to expand steel exports
The latest order to finance exports is part of instructions from the Chinese central bank and financial regulators to lenders to support the overhaul of state-owned steel and coal industries.
Britain's government faces pressure to act after Tata Steel cited low-cost Chinese competition when it announced plans this month to sell money-losing operations there that employ 20,000 people.
Chinese bank support to steel and coal companies can include "syndicated loans, export credit and project financing," according to the order by the central bank and the securities, banking and insurance regulators.