The People’s Bank of China will launch a 500 billion yuan loan program to support the country’s science and technology sectors.
- will offer loans through 21 banks to small and medium-sized technology companies at an interest rate of 1.75%, for up to 3 years
- the initial duration of the loans will be 1 year, can be extended twice, up to one year each time
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This rate of 1.75% compares favorably to the current prime one-year loan rate of 3.45%.
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ps, this is circulating on Twitter from an article in the Financial Times:
China wins.
This article was written by Eamonn Sheridan at www.forexlive.com.
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