China's micro-credit companies gave loans upto US $ 137 billion: People's Bank of China

BEIJING: China's 8,127 micro-credit companies have given loans to the tune of US $ 137.06 billion (844.4 billion yuan) to boost the country's vast rural economy, the central bank said today.

The companies extended 25.1 billion yuan in new loans in the first quarter of this year, state-run Xinhua news agency quoted from the data of the People's Bank of China.

Launched in 2008, micro-credit companies were designed to provide better financial services to rural and less-developed regions with an aim to boost the rural economy.