China’s Central Bank Channels 760 Billion Yuan Toward Private Sector Lending

China’s central bank has provided more than 760 billion yuan ($112.3 billion) in low-cost funding to local financial institutions this year, part of Beijing’s effort to channel more credit to private enterprises.

Xie Guangqi, head of the monetary policy department at the People’s Bank of China (PBOC), outlined the progress of the central bank’s 1 trillion yuan relending facility for the private sector and other structural funding programs at a State Council press briefing Wednesday.