China's central bank adds 100 bln yuan to relending quota for flood control, disaster relief

BEIJING, July 21 -- China's central bank has added 100 billion yuan (about 14.7 billion U.S. dollars) to its agricultural and small-business relending quota to support flood control, disaster relief, and post-disaster reconstruction, the People's Bank of China (PBOC) said on Tuesday.

The move aims to guide and encourage financial institutions to step up credit support for business entities, especially micro and small enterprises and individual businesses, as well as agricultural and breeding enterprises and farmers in disaster-stricken areas, including Guangxi Zhuang Autonomous Region and the provinces of Hubei, Gansu and Zhejiang, the PBOC said.

The PBOC said it will urge its branches in relevant provincial-level regions to make full use of the new relending quota, and guide financial institutions to actively respond to the financing needs of business entities in disaster-hit areas, creating a sound monetary and financial environment to support flood control, disaster relief and post-disaster reconstruction.