China’s Central Bank Lends $16 Billion to Banks for Agricultural Projects
China’s Central Bank has lent 100 billion yuan (US$16 billion) to several smaller institutions to allow for the re-lending of the funds for agricultural projects. After the Chinese economy showed a weak start for this year hitting an 18-month low of 7.4% for the period of January to March, the government announced a series of small stimulus plans. The Central Bank’s last re-lending program occurred in May when the China Development Bank redistributed 300 billion yuan (US$48.1 billion) for the improvement of shanty towns. Business surveys revealed some stabilization, however this is not indicative that a broad recovery is occurring.
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