The recapitalisation of the Industrial and Commercial Bank of China and the Agricultural Bank of China, two of the country's largest lenders, could cost Beijing up to $190bn (€147bn, £99bn), according to Standard & Poor's.

In research made public yesterday, the credit ratings agency predicted it would cost the Chinese government between $110bn and $190bn to recapitalise ICBC and ABC several times what it has already cost to recapitalise Bank of China and China Construction Bank. Beijing last week announced a $15bn cash injection for ICBC.