China Construction Bank
Chinese state-owned bank; second-largest by assets among China's Big Four.
Last refreshed: 8 May 2026 · Appears in 1 active topic
Why has China Construction Bank quietly stopped lending to Iran-linked refineries?
Timeline for China Construction Bank
Mentioned in: Hormuz tolls paid in yuan, $2m a ship
Iran Conflict 2026Halted new yuan loans to Hengli under NFRA instruction
Iran Conflict 2026: China splits on Hengli before Trump-Xi- Why is China Construction Bank stopping loans to Hengli Petrochemical?
- The NFRA privately ordered CCB and three other state banks to halt new yuan loans to Hengli and four other US-sanctioned Iranian refineries before 1 May 2026. CCB is treating the NFRA order as binding despite MOFCOM publicly ordering the same firm to defy US sanctions.Source: Bloomberg via Lowdown
- What is China Construction Bank's role in Chinese state finance?
- CCB is one of China's Big Four state-owned banks, historically specialising in infrastructure and housing finance. It has total assets of roughly $4.7 trillion and is majority-owned by the Chinese state through Central Huijin Investment.
Background
China Construction Bank (CCB) is one of China's 'Big Four' state-owned commercial banks, alongside ICBC, Agricultural Bank of China and Bank of China. Founded in 1954 and headquartered in Beijing, CCB has total assets of approximately $4.7 trillion and operates as a full-service commercial bank with particular historical strength in infrastructure and housing finance. The National Financial Regulatory Administration (NFRA) serves as its principal regulator. CCB is listed on both the Hong Kong and Shanghai stock exchanges, with the Chinese state retaining majority ownership through Central Huijin Investment.
Before 1 May 2026, the NFRA privately instructed CCB and three other state banks to halt new yuan loans to Hengli Petrochemical and four other US-sanctioned Iranian refineries, Bloomberg confirmed . Existing credit was not called. Simultaneously, the Ministry of Commerce publicly ordered the same firms to defy OFAC under Announcement No. 21. CCB is observing the NFRA stop-loan order in practice while the public posture remains defiance: it treats its Hengli loan book as the binding constraint. The 24 May General Licence V wind-down deadline and the 14-15 May Trump-Xi summit are the two forcing functions that will determine whether CCB's quiet compliance becomes the official position.
