PBOC adds $15 billion to relending quota for flood control, disaster relief

(ECNS) -- China's central bank, the People's Bank of China (PBOC), said it has added 100 billion yuan (about $14.7 billion) to its agricultural and small-business relending quota to support flood control, disaster relief and post-disaster reconstruction.

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, breeding enterprises and farmers in disaster-stricken areas including Guangxi, Hubei, Gansu and Zhejiang, according to the bank.

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.

(By Tang Yuxian)