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PBOC Issues 100 Billion Yuan ($13.9 Billion) Re-lending Quota for 12 Flood-Hit Provinces
Aug 14, 2024, 01:21 AM
The People's Bank of China (PBOC) has announced a significant financial measure to support areas affected by recent floods. The central bank will issue a re-lending quota of 100 billion yuan ($13.9 billion or USD14 billion) aimed at bolstering agriculture and small businesses in 12 provinces, including Chongqing, Fujian, and Guangdong. This initiative is part of a broader effort to enhance flood prevention and relief measures. Additionally, the PBOC injected 369.2 billion yuan through a 7-day reverse repo operation to maintain liquidity in the financial system.
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