China's central bank to set 500 billion yuan re-lending facility to support service consumption, elderly care

(ECNS) -- The People's Bank of China (PBOC), the country's central bank, will establish a 500 billion yuan (about $69.28 billion) of re-lending facility to support consumption in the service sector and elderly care, to increase low-cost funding for key consumer-related sectors, said PBOC governor Pan Gongsheng on Wednesday.

The quota for another relending facility to support technological innovation and technical transformation will be expanded by 300 billion yuan, Pan said.

In addition, the central bank will increase re-lending quota by 300 billion yuan to support agriculture and small businesses, he added.

(By Zhang Dongfang)