PBOC boosts financing for small firms

Re-lending quota will be granted to 5 types of local financial institutions

China's central bank has lifted its re-lending quota by 50 billion yuan ($7.25 billion) to boost financial support for small and private businesses and support economic growth.

The move came after China's top leadership vowed to encourage financial institutions to increase medium-and long-term financing to manufacturing companies and private firms at a key meeting held on Tuesday.