The People's Bank of China will launch a 500 billion yuan ($70 billion) refinancing program to support small and medium-sized companies in the science and technology sector, with an interest rate of 1.75%.
The People's Bank of China (PBoC), the central bank, will launch a 500 billion yuan ($70 billion) refinancing program to support the technology and science sectors.
The program will provide loans through 21 banks to small and medium-sized technology companies at an interest rate of 1.75%.
One-year term loans can be renewed twice, for up to one year each time.
The PBoC has previously injected liquidity through reverse repos. The PBoC conducted a seven-day reverse repo worth 10 billion yuan (about $1.41 billion) at an interest rate of 1.8 percent on March 18, aiming to maintain reasonable and abundant liquidity in the banking system.
Chinese policymakers want to boost liquidity and boost confidence in the world's second-largest economy as it faces headwinds from a property crisis and tensions with major trading partners.
Official data released on March 15 showed that new home prices in China fell for the eighth consecutive month in February.
This is a sign that China's real estate market is still "testing the bottom," despite a series of government stimulus measures.
According to calculations by Reuters (UK) based on data from China's National Bureau of Statistics, new home prices in the country fell 0.3% in February from the previous month, equal to the monthly decline recorded in January.
Compared to the same period last year, new home prices fell 1.4%, faster than the 0.7% drop in January and the sharpest decline in 13 months./.
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