Briefly

CDB hikes support for sci-tech firms

China Development Bank, a major policy bank, has stepped up its medium and long-term financing support for science and technology enterprises. From January to April, CDB issued science and tech loans worth 40.6 billion yuan ($5.7 billion), among which 16.5 billion yuan went to supporting the development of integrated circuits, mechanical equipment and industrial automation, basic materials, new energy technology applications, biomedicine and other fields. Since 2021, CDB has set up special loans for scientific and technological innovation and basic research.

PBOC adds liquidity via reverse repos

China's central bank conducted 2 billion yuan ($281.3 million) of seven-day reverse repos at an interest rate of 1.8 percent on Monday. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement. 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.

Xinhua - China Daily