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China Lifts Policy Bank Loans, Likely To Support Real Estate Market

CHINA PRESS
MNI (Singapore)

The People's Bank of China made CNY350 billion in loans to policy banks through its pledged supplementary lending (PSL) facility in December, according to a statement on its website Tuesday which did not specify the use of the loans. The market expects PSLs may be used to support the construction of "three major projects", namely affordable housings, urban village renovation and pubic infrastructure, which requires large amounts of medium and long-term low-cost funds. Ming Ming, chief economist at CITIC Securities estimated the scale may expand further. The PSL interest rate is 2.4%, 10bp lower than the one-year Medium-term Lending Facility rate. The programme, created in 2014, was mainly used to support shanty-town renovation between 2015-2018. Outstanding PSL loans were at CNY3.25 trillion by end-Dec, PBOC said. (Source: Yicai.com)

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