November 22, 2018 / 8:53 AM / 4 months ago

China's central bank says will support funding for Shanghai's private sector

FILE PHOTO: A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

SHANGHAI (Reuters) - China’s central bank said on Thursday it will deploy at least 10 billion yuan ($1.44 billion) worth of relending quota to private and small companies in Shanghai, in sectors such as high-tech and high-end manufacturing as part of its effort to support the private sector.

The People’s Bank of China’s Shanghai Head Office said in a statement that it will support funding to private companies via bill financing, and that it will support debt issuance by private firms using credit risk mitigation tools.

($1 = 6.9342 Chinese yuan renminbi)

Reporting by Samuel Shen and Andrew Galbraith; Editing by Simon Cameron-Moore

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