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Loan deadlines extended for quake victims
By Zhang Fengming |
January 2, 2009, Friday
|
Online Edition
Online Edition
CHINA has extended loan deadlines by half a year for victims of the Sichuan earthquake in an effort to support the economies in these devastated areas, the central bank said.
Individuals who borrowed money from banks before May 12 – the day of the earthquake – and couldn't repay it by the end of December will receive an additional six-month grace period, the People's Bank of China said on its Website yesterday.
Companies in quake-hit areas will be given until the end of 2009 to repay loans in an effort to help them weather the aftermath of the natural disaster and the fallout from the economic downturn.
Banks can charge individuals and companies a default penalty after the grace period, the central bank said.
The move is a follow-up policy. In August, the central bank granted the quake-hit area lower fees, preferential mortgages, listing support and more credit among other preferential policies.
In the August package, quake victims were given the opportunity to purchase a home with only a 10 percent down payment. The down payment requirement was 40 percent for second-time buyers or 30 percent for first-time buyers.
Separately, Zhou Xiaochuan, central bank governor, called for more risk control in managing the nation's foreign exchange reserves during the global financial crisis.
Officials in charge of operating the world's largest reserves should perform comprehensive market research and increase risk management this year, Zhou said, in a statement on the Website of the State Administration of Foreign Exchange yesterday.
Although the official figures for the fourth quarter are yet to be released, a SAFE official said earlier in December that China's forex holdings are now below US$1.9 trillion, which China held at the end of September.
China's foreign exchange reserves will likely decrease through the first half of 2009 due to a weakening yuan, economists said.
Individuals who borrowed money from banks before May 12 – the day of the earthquake – and couldn't repay it by the end of December will receive an additional six-month grace period, the People's Bank of China said on its Website yesterday.
Companies in quake-hit areas will be given until the end of 2009 to repay loans in an effort to help them weather the aftermath of the natural disaster and the fallout from the economic downturn.
Banks can charge individuals and companies a default penalty after the grace period, the central bank said.
The move is a follow-up policy. In August, the central bank granted the quake-hit area lower fees, preferential mortgages, listing support and more credit among other preferential policies.
In the August package, quake victims were given the opportunity to purchase a home with only a 10 percent down payment. The down payment requirement was 40 percent for second-time buyers or 30 percent for first-time buyers.
Separately, Zhou Xiaochuan, central bank governor, called for more risk control in managing the nation's foreign exchange reserves during the global financial crisis.
Officials in charge of operating the world's largest reserves should perform comprehensive market research and increase risk management this year, Zhou said, in a statement on the Website of the State Administration of Foreign Exchange yesterday.
Although the official figures for the fourth quarter are yet to be released, a SAFE official said earlier in December that China's forex holdings are now below US$1.9 trillion, which China held at the end of September.
China's foreign exchange reserves will likely decrease through the first half of 2009 due to a weakening yuan, economists said.
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