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China details measures to boost financial support for small companies
Date:2018-06-27  Source:Xinhua

China will cut re-lending interest rates for small and micro enterprises by 0.5 percentage point as part of a broader policy package to ease the financial strain on small firms, a central bank document said Monday.

The re-lending and rediscount quotas for small companies, as well as sectors concerning rural areas, will be increased by a total of 150 billion yuan (23.11 billion U.S. dollars), according to guidelines for increasing financial support for small and micro firms, released on the website of the People's Bank of China (PBOC).

Better mechanisms will be in place to support the issuance of financial bonds by small companies, while banking financial institutions will be encouraged to issue securities backed by small enterprise loans. These measures are expected to provide credit of more than 100 billion yuan, according to the guidelines.

Loans for small firms with a credit line of 5 million yuan or less will be included in the scope of collateral for the central bank's medium-term lending facility operation.

Small firms will be given more weight in the central bank's macro-prudential assessment framework, according to the guidelines.

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