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PBOC Urges Major Banks To Boost Credit

CHINA PRESS
MNI (Singapore)

The People’s Bank of China said major financial institutions, especially large state-owned banks, should take the lead in maintaining the stability of loan growth, as the economic recovery is at the most arduous point requiring urgent consolidation, according to a statement on the PBOC website following a meeting with major banks chaired by Governor Yi Gang. It is necessary to increase credit issuance to the real economy, further supporting SMEs, green development and technological innovation, per the statement. Banks should also ensure that they meet the reasonable financing needs of the real estate sector as well as the platform economy, the statement noted.

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