China’s tobacco monopoly flexes financial muscle in shoring up banks

Cigarette maker again serves as 'cash printing press' to supplement finance ministry China's state-owned tobacco monopoly was established with a fundamental purpose "to guarantee national fiscal revenue," and it has become a major investor in state banks. © Reuters TOKYO — China's state-owned tobacco monopoly has enhanced its position as a major investor in the country's capital-hungry banking sector, flexing its financial muscle to act as a handy "ATM" for the government's latest capital injections.

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