Relending quota to continue
Print Edition
CHINA’S central bank will continue a relending quota for agricultural and small businesses which will be able to tap total funds of 50 billion yuan (US$8.05 billion) this year.
Relending refers to funds lent by the People’s Bank of China to banks at low rates and the banks must extend them to clients which meet certain criteria.
The move aims to lower financing costs for sectors considered to be lagging the overall economic growth and which find difficult to get bank loans, according to the statement.
A fresh 30 billion yuan quota will be extended to agriculture and another 20 billion yuan for small businesses this year, the PBOC said in a statement yesterday.
Last year the PBOC extended total relending to the agriculture sector by 47 billion yuan. Relending for small businesses, which started in March last year, totaled 52.4 billion yuan, the PBOC data showed yesterday.
The amount of total relending hit a record of 99.4 billion yuan last year, and has been an effective monetary tool to support targeted sectors without flooding the market with liquidity, the PBOC said.
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