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Central Bank: Quick and accurate implementation of rediscount and rediscount


Xinhua News Agency, Beijing, February 26 (Reporter Wu Yu) The People's Bank of China said on the 26th that it has increased the special redemption quota of 500 billion yuan for rediscounts, while reducing the interest rate for agricultural and small refinancing loans by 0.25 percentage points to 2.5%. The People's Bank of China must implement the rediscount and rediscount quickly and accurately, provide low-cost, inclusive funding support for the orderly resumption of production, and effectively solve the debt repayment, capital turnover and expansion of financing urgently faced by the resumption of production. problem.

On the same day, the People's Bank of China held a video conference to deploy finance to support the resumption of production of small, medium and micro enterprises. The meeting considered that the current epidemic prevention and control is in the most strenuous stage, and supporting and coordinating the overall promotion of the new crown pneumonia epidemic prevention and control and economic and social development are the top priorities of the financial system.

The People's Bank of China stated that prudent monetary policy should pay more attention to flexibility and appropriateness. On the basis of the 300 billion yuan of special reloans that have been set up for epidemic prevention and control in the early stage, the special refinancing quota for reloans and rediscounts has been increased by 500 billion yuan. The reloan interest rate was 0.25 percentage points to 2.5%. Among them, the refinancing quotas for agriculture support and small support are 100 billion yuan and 300 billion yuan, respectively, and the rediscount amount is 100 billion yuan. Prior to the end of June 2020, the local corporate bank newly issued inclusive small and micro enterprise loans that were no higher than the loan market quoted interest rate (LPR) plus 50 basis points, allowing equal application for reloan funds.

The meeting pointed out that increasing the special quota for reloans and rediscounts is an important measure to coordinate the advancement of epidemic prevention and control and economic and social development, and effectively solve the urgent problems of resuming production and restarting production. Re-loaning and rediscounting funds should be tilted towards key areas, industries and regions. Based on the existing support areas, support for resumption of work, production, poverty alleviation, spring ploughing, poultry breeding, foreign trade industries and other funding needs will be strengthened. The epidemic situation has greatly affected the tourism and entertainment, accommodation, catering, transportation and other industries, as well as the support for key areas for epidemic prevention.

The meeting emphasized that it is necessary to take the issuance and management of the special quota for re-loan rediscounts as an important task at present and earnestly improve the effect of the policy for special quotas for rediscounts and rediscounts. At the same time, it is necessary to strengthen supervision and management to ensure that funds are disbursed in accordance with laws and regulations, and to prevent funds from "running out of tricks."

Source: chinanews

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