ABC to receive capital injection

A government investment agency has agreed to inject US dollars equivalent to 130 billion yuan of new capital into the Agricultural Bank of China (ABC), marking a step forward in the State-owned bank's shareholding reform and bringing it closer toward a public listing.

The bank said in a statement that it signed the capital injection deal yesterday with Central Huijin, a subsidiary of China Investment Corp, the country's sovereign wealth fund.

After the capital injection, Central Huijin will hold a 50 percent stake in the bank, with the remainder held by the Ministry of Finance.