PBoC urges big state banks to increase lending

Yi Gang summons bankers as PBoC says economy faces “critical moment’

Yi Gang
People's Bank of China governor Yi Gang
Photo: World Economic Forum

China’s central bank told large state-owned lenders to increase credit supply to key economic sectors, warning the economy was at a “critical point”.

The People’s Bank of China issued a statement saying its governor Yi Gang made the appeal at a seminar with major lenders on August 22. The meeting took place on the same day that the central bank cut two key interest rates.

“We are now at a critical point in the economic recovery, and we must have the sense of urgency to consolidate the basis of

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