Banks rescue three mainland brokerages

Three of China's largest securities companies have received low-interest bailout loans from state-owned commercial banks, as part of the government's efforts to rescue the largest of the country's bankrupt brokerages, The South China Morning Post reported. China Securities Regulatory Commission (CSRC) officials yesterday said the body had approved RMB1.45bn in the first installment of loans. China Merchants Securities received RMB350m from China Construction Bank, and Oriental Securities and Huatai Securities received RMB600m and RMB500m respectively from the Industrial and Commercial Bank, the nation's largest lender. "These are some of the good companies that we want to support and encourage," CSRC spokesman Dai Biao reportedly said.