The People's Bank of China (PBOC) announced plans to increase financial support for trade-in initiatives, private and small firms, and select small technology firms. The PBOC will allocate 100 billion yuan in loans for technology firms and provide up to 15% or a price subsidy for smartphones.
Peng Lifeng, an official at the People’s Bank of China (PBOC), stated on Wednesday that the central bank will assist banks in increasing loans for trade-in initiatives. The PBOC will also step up financial support for private and small firms in equipment upgrades and allocate 100 billion yuan in loans for select small technology firms. China plans to provide up to 15% or a price subsidy for smartphones. The AUD/USD pair found some buyers on the PBOC headlines, erasing losses to trade flat at 0.
6230 at press time.
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