Briefly

Policy lender issues $5.6b farm loans

The Agricultural Development Bank of China, a rural policy bank, has issued loans worth 36.6 billion yuan ($5.6 billion) for the upcoming spring plowing. The ADBC will grant a further 12 billion yuan in loans for plowing and preparations, to help ensure grain security and the supply of farm produce, Qian Wenhui, ADBC chairman, said during a news conference. Looking ahead, Qian said the policy bank will focus on the country's targets for cultivating high-standard farmlands with stronger loan support. From 2015 to 2020, the loans issued by the ADBC for grain production totaled 282.4 billion yuan.

BRICS bank issues $765m bond in nation

The BRICS New Development Bank said on Thursday that it has issued a 5 billion yuan ($765 million) bond in the interbank bond market, with a maturity of three years. The bond proceeds will finance a 7-billion-yuan Emergency Program Loan to China to support its economic recovery from COVID-19. "Our strategic objective is to mobilize funds for those projects that generate positive economic, social, and environmental benefits for society, as well as bridge the financing gap to achieve the Sustainable Development Goals," said Leslie Maasdorp, vice-president and CFO of the NDB.

PBOC injects $1.53b via reverse repos

The People's Bank of China, the central bank, on Friday conducted 10 billion yuan ($1.53 billion) of reverse repos to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the PBOC website. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Guizhou promotes spring tourism

Authorities are promoting tourism in Southwest China's Guizhou province, as spring is in the air. The province has launched 10 spring travel routes to attract visitors, with themes focusing on flowers, tea, ethnic traditions and cultural heritage, said Li Fang, with the provincial department of culture and tourism."The routes are intended to help tourists experience the charm of Guizhou's mountains, water and culture," Li said at the launch ceremony. Guizhou is committed to developing holistic tourism, and will make efforts to continuously improve the quality of its tourism industry, Li said.

Xinhua