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Banks

China's central bank Beijing operation ensures more re-discounted loans for coronavirus-hit firms: Shanghai Securities News

BEIJING (Reuters) - The Chinese central bank’s Beijing operation said it will ensure re-discounted loans issued in the first quarter of 2020 will be at least 10 billion yuan, as part of efforts to shore up firms hit by the coronavirus, Shanghai Securities News reported.

Full-year re-discounted loans will be no less than 30 billion yuan ($4.30 billion), the state-backed news service said, citing sources with direct knowledge of the plan.

Of those loans, 80% will be issued to smaller firms, it added.

The PBOC Beijing operation also told banks to cap interest rates on loans for some key enterprises in Beijing at the latest one-year loan prime rate (LPR) minus 100 basis points, according to the report.

Reporting by Leng Cheng and Kevin Yao; Editing by Andrew Heavens

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