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BEIJING (Reuters) – The People’s Bank of China said on Friday it would increase re-lending and rediscount quotas 11 billion ($
. billion) to support the agricultural sector and small businesses. World No. 2 – The largest economy lost steam in the second quarter after a strong post-pandemic consumption rebound, prompting calls for further stimulus.
Friday’s move will reduce funding costs, boost employment and support the economic recovery, the central bank said in a statement.
The balance of re-loans and re-discounts for agriculture and small and micro enterprises was 2.6 trillion yuan, according to the central bank, at the end of the first quarter, a record high.
Weakness in other sectors deepened after official data showed on Friday that Chinese factory activity fell for the third straight month in June.
The cabinet said on Thursday that it plans to take measures to boost household consumption. Earlier this month, China cut its main benchmark lending rate to boost economic activity.
(1 USD=7.50 25RMB
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