Small business lending to be measured by central bank
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 Sina.com. 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.