PBOC: Will implement new schemes to support small businesses hit by covid impact
|The People's Bank of China (PBOC) said that it will adopt new schemes aimed at encouraging financial institutions to lend to small businesses under pressure due to the impact of COVID-19, according to a statement posted on its website over the weekend.
Key takeaways
“Will provide capital to qualified banking institutions to spur them to extend more loans to small and micro enterprises under a scheme that will run through June 2023.”
“The measures had been announced by the State Council, or cabinet, on Dec. 15.”
Market reaction
Amid holiday-thinned light trading, USD/CNY is almost unchanged on the day, currently at 6.3521.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.