China’s central bank announced plans to set up a 500 billion yuan ($70 billion) re-lending initiative aimed at boosting the country’s science and technology sectors.
According to a statement issued on Sunday, the programme will facilitate loans to small and medium-sized technology companies through 21 banks at an interest rate of 1.75%. Loans with a one-year tenure can be renewed twice for up to one year each time.
The move comes as Chinese policymakers are trying to inject liquidity and restore confidence in the economy amid challenges posed by the asset crisis and trade tensions with key partners. (Note: $1 = 7.2330 Chinese Yuan Renminbi)
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