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
**
This rate of 1.75% compares favorably to the current prime one-year loan rate of 3.45%.
**
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.
cnbctv18-forexlive