Key facts
- The People's Bank of China has channeled more than 760 billion yuan ($112.3 billion) to financial institutions this year.
- This funding is intended to increase credit availability for private enterprises.
- The initiative is part of a larger 1 trillion yuan relending facility for the private sector.
China's central bank has provided over 760 billion yuan ($112.3 billion) in low-cost funding to local financial institutions this year as part of Beijing's efforts to channel more credit to private enterprises. Xie Guangqi, head of the monetary policy department at the People’s Bank of China (PBOC), outlined the progress of the central bank’s 1 trillion yuan relending facility for the private sector and other structural funding programs at a State Council press briefing.