Export-Import Bank of China isn't considering borrowing money from the government to help finance overseas acquisitions by local firms, Exim Bank Chairman and President Li Ruogu said Tuesday.

Li said Exim Bank has no plans to borrow from the Ministry of Finance or China Investment Corp., the country's US$200 billion sovereign-wealth fund.

Li's remarks, made on the sidelines of the National People's Congress, diverged from comments which appeared last week in a Reuters story. That piece quoted Li as saying Exim Bank might try to obtain foreign exchange from the country's sovereign wealth fund and the central bank.

"All options are open for consideration, including seeking money from China Investment Corp. and the central bank. But there is no decision yet," Li was quoted by Reuters.

Exim Bank and China Development Bank are leading a group of local financial institutions in funding an US$19.5 billion investment by Aluminum Corp. of China in Rio Tinto PLC (RTP), Xiao Yaqing, Chinalco's recently departed president, said earlier this year.

His comment led to concerns that state banks might have to borrow from the government to finance the big cross-border deal.

Tuesday, Li also said Exim Bank has applied for an injection of money from the government to boost its capital base; he didn't say how much it wanted or which government entity would inject the funds.

Exim Bank has sought a capital injection since 2007, when it said it was in talks with the Ministry of Finance; no progress has been disclosed thus far.

Exim Bank was set up in 1994 as a policy lender to provide government-directed financing for Chinese import and export companies. The bank carries a credit rating equivalent to the country's sovereign rating.

-By Terence Poon and Victoria Ruan, Dow Jones Newswires; 8610 6588-5848; terence.poon@dowjones.com