Small business lend­ing to be mea­sured by cen­tral bank

China Daily (Canada) - - BUSINESS -

The Peo­ple’s Bank of China is gaug­ing the level of de­mand for loans from com­mer­cial banks by small busi­nesses, ac­cord­ing to an of­fi­cial with knowl­edge of the mat­ter. Fi­nan­cial in­sti­tu­tions in some prov­inces, in­clud­ing Jiangsu and Zhe­jiang, have al­ready sub­mit­ted ap­pli­ca­tions for cen­tral bank fund­ing, ac­cord­ing to the per­son. The PBOC will later de­cide on the size of cash in­jec­tion needed, which could run into tens of bil­lions of yuan, the of­fi­cial said. The mon­e­tary au­thor­ity has al­ready car­ried out sim­i­lar lend­ing to banks in Zhe­jiang at 3.5 per­cent in­ter­est, re­ported trad­ing for A-shares as well as mort­gages and per­sonal loans in the Chi­nese cur­rency. In Shang­hai, the yuan slipped 0.02 per­cent to 6.1277, China For­eign Ex­change Trade Sys­tem prices showed. The Peo­ple’s Bank of China raised its daily ref­er­ence rate by 0.02 per­cent to 6.1418 on Thurs­day.

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