China to expand credit for spring plowing

BEIJING -- The People's Bank of China (PBoC) announced Wednesday it will add 20 billion yuan ($3.26 billion) to re-lending quotas for financial institutions to support spring plowing in the world's most populous country.

The PBoC, the country's central bank, aims to use the re-lending policy to encourage commercial banks and financial institutions to extend credit during the sowing season.

In the last year, the PBoC has increased the agricultural re-lending quota to 238.9 billion yuan, over 90 percent of which went to western regions and main producing areas.

By the end of 2013, outstanding agricultural loans from rural financial institutions nationwide had amounted to 6.2 trillion yuan, up 16.4 percent year on year.