China’s four biggest lenders may have to raise up to $400 billion in new capital to conform with onerous new post-crisis capital rules a global regulator said on Monday they would have to fall into line with. The announcement by international banking watchdog the Financial Stability Board (FSB) represents a coup for Western banks, who had complained that a proposed exemption for emerging market institutions would give China’s state lenders an unfair competitive advantage as they continue to expand overseas.