Henan province last week asked eight Chinese banks including Bank of China (3988.HKG, 601988.SHA) to support struggling local coal and solar companies with loans at preferential interest rates, Bloomberg reported, citing anonymous officials. The coal companies are Henan Energy & Chemical Industry Group, Zhengzhou Coal Industry Group and China Pingmei Shenma Group, according to the officials. Domestic coal companies are struggling after domestic prices fell to the lowest in seven years. Banks were also urged to keep financing Phonenix Photovoltaic Technology.
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