China central bank to set up $70 billion tech re-lending programme
© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank , in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File PhotoBEIJING - China's central bank will set up a 500 billion yuan re-lending programme to support the country's science and technology sectors, according to a statement released on Sunday.
The programme will offer loans via 21 banks to small and midsize technology companies at an interest rate of 1.75%. The one-year loans can be extended twice, for up to a year each time, the statement said. China's policymakers look to boost liquidity and increase confidence in the world's second-biggest economy amid headwinds from a property crisis and frictions with major trading partners.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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