PBOC to establish new relending facility

The People's Bank of China, the country's central bank, will establish a new relending facility worth 500 billion yuan ($69.28 billion) to support consumption in service sector and elderly care, to increase low-cost funding for key consumer-related sectors, PBOC Governor Pan Gongsheng said on Wednesday.

The quota for another relending facility to support technological innovation and technical transformation will be expanded by 300 billion yuan, Pan added.