Sep 29, 2022 03:19 AM

FINANCE

PBOC Launches $27.6 Billion Credit to Support Business Upgrades

By Peng Qinqin and Denise Jia

As of the end of June, the central bank had a balance of 5.3 trillion yuan in various structural policy tools.

As of the end of June, the central bank had a balance of 5.3 trillion yuan in various structural policy tools.

China’s central bank established a low-cost, 200 billion yuan ($27.6 billion) relending facility to help businesses upgrade equipment as part of efforts to bolster the Covid-stricken economy, the People’s Bank of China (PBOC) said Wednesday.

The loans will target sole proprietors and medium, small and micro enterprises in the manufacturing and social services sectors to support equipment upgrades and renovations, the PBOC said in a statement.

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