On Wednesday, China’s central bank, called the People’s Bank of China (PBOC), did something important for banks. They provided 300 billion yuan (about $41 billion) in loans to help these banks keep lending money. The interest rate for these loans is 2.00%, which is the same as before. When banks applied for the loans, the interest rates they offered ranged from 1.90% to 2.30%. This action comes because a large amount of loans, about 1.45 trillion yuan, are set to be paid back this month.
PBOC Issues 300 Billion Yuan Loans at 2.00% to Support Banks”
China’s central bank lends 300 billion yuan at 2.00% interest to boost banks. Find out how this affects the economy in our latest report!
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