November 22, 2018 / 9:00 AM / 8 months ago

China's central bank says will support funding for Shanghai's private sector

FILE PHOTO: A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

SHANGHAI (Reuters) - China’s central bank said on Thursday it will deploy at least 10 billion yuan ($1.44 billion) worth of relending quota to private and small companies in Shanghai, in sectors such as high-tech and high-end manufacturing as part of its effort to support the private sector.

The People’s Bank of China’s Shanghai Head Office said in a statement that it will support funding to private companies via bill financing, and that it will support debt issuance by private firms using credit risk mitigation tools.

Reporting by Samuel Shen and Andrew Galbraith; Editing by Simon Cameron-Moore

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