PBoC steps up funding for development projects

New 50 yuan note

The People’s Bank of China (PBoC) last month provided 150 billion yuan ($21 billion) of low-cost funds to support development projects in urban areas.

The central bank provided the funds through its pledged supplementary lending (PSL) facility to China’s “policy banks” – state-owned lenders that promote government objectives.

The outstanding amount of PSL loans was 3.4 trillion yuan at the end of January, according to a central bank statement released on February 1.

The latest injection came as the

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