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The People’s Bank of China (PBC) will set up a 500 billion-yuan ($70 billion) re-lending programme to support the science and technology sectors, Reuters reported on Sunday, citing the bank’s statement.
The programme will provide loans through 21 banks to small and midsize technology companies at a 1.75 per cent interest rate. The one-year loans can be extended twice for up to a year each time.
This initiative aims to boost liquidity and confidence in China’s economy amidst challenges from a property crisis and trade tensions with major partners.
(1 United States dollar = 7.23 Chinese yuan)
