People's Bank of China sets up $69B re-lending program for tech companies

The People's Bank of China (PBOC) said that it will set up a 500B yuan ($69.12B) re-lending program to support innovation and project upgrades in the science and technology sectors. 

The program will aid small and midsize technology enterprises with loans at a 1.75% interest rate with a term of one year.

These loans, which will be provided through 21 banks, can be extended twice, with each extension period of one year, according to PBOC's statement. 

The program aims to better meet financing needs in the fields of technological innovation, technological transformation, and equipment renewal.

The move is part of Beijing's efforts to boost confidence in the economy, which has been hit by slow growth and an ongoing property crisis.

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