China set to boost funding to foreign banks in 'unprecedented' move

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Chinese authorities look set to introduce their own version of the US Federal Reserve's term auction facility (TAF) to help foreign banks get through their toughest test yet in dealing with China's still-developing interbank market.Renminbi funding for locally incorporated subsidiaries of foreign banks has dried up since early November following the September bankruptcy of Lehman Brothers, due to Chinese banks fearing another major foreign counterparty may fail. This has restricted the abili