China’s central bank has added 100 billion yuan (about $14 billion) to its agricultural and small business relending quota to support flood control and disaster relief and post-disaster reconstruction, the People’s Bank of China (PBOC) said on Tuesday.
The move aims to guide and encourage financial institutions to step up credit support for business entities, especially micro and small enterprises and individual businesses, as well as agricultural and breeding enterprises and farmers in disaster-stricken areas, including Beijing and the provinces of Hebei, Jilin, Shandong and Gansu, the PBOC said.
The central bank will urge its local branches to make full use of the new relending quota, it said. It will also guide financial institutions to meet financing needs for flood control, disaster relief and post-disaster reconstruction, and support business entities in resuming operations and production.
