Jan 30, 2023 03:42 PM

FINANCE

PBOC to Extend Monetary Policy Tools for Green Sector

Photovoltaic modules at a solar power plant near Golmud, Qinghai province on Sept. 11, 2021. Photo: Bloomberg

Photovoltaic modules at a solar power plant near Golmud, Qinghai province on Sept. 11, 2021. Photo: Bloomberg

(Bloomberg) — The Chinese central bank will extend the use of three monetary policy tools designed to encourage financial institutions to support green technologies and the logistics sector, the People’s Bank of China said in a statement on Sunday.

The bank will continue to offer cheap funding until the end of 2024 to banks which lend to firms that are helping reduce carbon emissions. The policy tool was first adopted in November 2021.

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