The People’s Bank of China (PBOC) has committed to handling at least 10 billion yuan (approx. USD$1.43 billion) in rediscounts to support the Chinese economy amidst the ongoing impacts of the novel coronavirus outbreak.
PBOC’s operations management department said to domestic media that it would expand the vigour of support provided via monetary policy tools during efforts contain the spread of the novel coronavirus.
To this end PBOC’s operations management department committed to to the handling of a total of no less than 10 billion yuan in rediscounts in the first quarter of 2020.
PBOC will also handle no less than 30 billion yuan in discounts in full year 2020, of which at least 80% will be used to provide support to micro, small and medium enterprises.