China's central bank said on Friday it will help reduce borrowing costs for...
HONG KONG - China’s central bank said on Friday it will help reduce borrowing costs for companies, especially small firms, as part of a wider effort to support the world’s second-largest economy amid a trade war with the United States.
The People’s Bank of China , the central bank, said in its first-quarter implementation report that it would also maintain a prudent monetary policy and fend off any systemic financial risks. “We will further reduce financing costs for the real economy especially small firms, and increase the ability and willingness of financial institutions to serve the real economy,” it said.
The weighted average lending rate for companies and home buyers edged up 5 basis points in the first quarter to 5.69 percent, the central bank said.
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