People's Bank pledges Rmb100 billion by year-end

The People's Bank of China will loan banks Rmb100 billion ($14.6 billion) by the end of December as part of Beijing's efforts to stave off a slowdown in growth.

Xinhua, a state-owned news agency, said on Tuesday that the central bank would guide China's policy banks to make loans to support construction projects and to buy agricultural goods to the value of Rmb100 billion.

The central bank also encouraged commercial banks to provide additional funds for the recipients of the institution's aid