February 26, 2020 / 10:04 AM / a month ago

China c.bank says most of new re-lending quota to target small, agricultural firms

BEIJING, Feb 26 (Reuters) - China’s central bank said on Wednesday that it will target the allocation of 300 billion yuan ($43 billion) of a new re-lending quota to smaller firms, and 100 billion yuan to agricultural firms.

The People’s Bank of China (PBOC) announced a day earlier a new batch of 500 billion yuan of re-lending and re-discount quotas - lending money to other banks in the Chinese financial system - to counter the economic impact of the coronavirus outbreak on small businesses.

The central bank also said it will step up funding support to key industries and areas such as travel agencies, restaurants, hotels and transportation firms, and will keep issuing cheap specialized re-lending quotas to local banks until June 2020. ($1 = 7.0128 Chinese yuan renminbi) (Reporting by Cheng Leng, Lusha Zhang and Se Young Lee)

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