China central bank to set up $70 billion tech re-lending programme
FREE Breaking News Alerts from StreetInsider.com!
StreetInsider.com Top Tickers, 11/1/2026
- Wall Street closes sharply lower as AI cash burn fears spark tech selloff
- Amazon burns cash, Intel flags weak PC demand as AI boom's costs ripple across markets
- Bitcoin, cryptocurrency prices fall after Binance reports security issue
- Higher yields now hurting AI stock bull as bond markets police capex: BofA
- Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran
Tweet
Share
E-mail
FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) - China's central bank will set up a 500 billion yuan ($70 billion) re-lending programme to support the country's science and technology sectors, according to a statement released on Sunday.
The programme will offer loans via 21 banks to small and midsize technology companies at an interest rate of 1.75%. The one-year loans can be extended twice, for up to a year each time, the statement said.
China's policymakers look to boost liquidity and increase confidence in the world's second-biggest economy amid headwinds from a property crisis and frictions with major trading partners.
($1 = 7.2330 Chinese yuan renminbi)
(Reporting by Andrew Hayley; editing by William Mallard)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Erdogan says South Korea could partner in Turkey's Sinop nuclear project, Yonhap reports
- Ukrainian air force says public air raid alert app sent erroneous alerts after being hacked
- South Korea factory activity growth slows to 8-month low, PMI shows
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
