BEIJING, Jan 29 (Reuters) - China's central bank said on
Sunday it will roll over three lending tools to increase support
for targeted sectors of the economy.
The People's Bank of China will roll over a lending tool for
supporting carbon emission reduction to the end of 2024, and
extend a relending tool for promoting the clean use of coal to
the end of 2023, the bank said in a statement on its website.
The central bank will also extend a relending tool for the
transport and logistics sector to June 2023, it said.
Some foreign financial institutions will be included in the
scope of the carbon reduction tool, the central bank said.
The move to extend the lending tools will help "precisely
and effectively implement the prudent monetary policy, guide
financial institutions to increase support for green development
and other areas", the central bank said.
Since 2020, when the world's second-largest economy was
first jolted by the coronavirus, the central bank has expanded
its arsenal of structural policy tools, including relending and
rediscount facilities and other low-cost loans.
Outstanding loans made via structural tools amounted to
nearly 6.45 trillion yuan ($950.98 billion) at the end of 2022,
central bank data showed.
The central bank is poised to ramp up targeted support for
troubled sectors through its structural policy tools, according
to policy sources and analysts.
($1 = 6.7825 Chinese yuan renminbi)
(Reporting by Kevin Yao;
Editing by Alison Williams)
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