PBOC to offer first batch of re-lending funds today

China’s central bank will provide the first batch of special re-lending funds for combating the coronavirus on Monday, and will offer the facility weekly to banks later this month. Nine national banks and some local banks in ten provinces and cities are qualified for the special funding, according to People’s Bank of China deputy governor Liu Guoqiang. Financial institutions should expedite the review process for loan applications and release loans within two days, Liu said in a speech. The central bank had earlier said it would ensure funds are directed to production and business activities related to combating the coronavirus. Financial institutions must offer loans from special re-lending funds at up to 100 basis points below the one-year Loan Prime Rate, which is currently at 3.15 per cent, it said.