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MNI BRIEF: PBOC To Boost Green Growth, Launch Green Products

(MNI) London
SINGAPORE

Top officials of the People's Bank of China vowed to boost green growth in the world's second largest economy via credit support and by introducing environmentally-friendly financial products.

Speaking at the Annual Conference of Financial Street Forum on Thursday, PBOC Governor Yi Gang said the Bank will improve the carbon emission pricing system and launch a new facility to offer cheap funds for emission reduction and clean energy usage. Outstanding green loans reached CNY14 trillion as of the end of June, increasing 26% year-on-year, while the stock of green bonds exceeded CNY1.1 trillion by September, rising an annual 35%, he noted.

Vice Governor Chen Yulu said the PBOC will ask the financial sector to improve green services and initiate products to help the energy transition of high carbon-emission sectors. In addition, the central bank will encourage big banks to set "carbon neutral" roadmaps, while also ensuring that the transition does not affect economic stability.

MNI London Bureau | +44 203-865-3829 | jason.webb@marketnews.com
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MNI London Bureau | +44 203-865-3829 | jason.webb@marketnews.com
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