China's central bank backs rural banking with 5 billion-yuan loan

China's central bank said on Friday it will lend 5 billion yuan (625 million U.S. dollars) to rural credit cooperatives in western regions and major grain-growing areas to boost their lending to farmers as the time for the spring farming draws near.

The bank said its loans to rural financial institutions have significantly boosted their capacities and services to farmers.

Since such loans were started in 1999 in a bid to back up rural banking, 1.1 trillion yuan had been lent to rural credit cooperatives by the end of last year, said the bank.

Source: Xinhua

People's Daily Online ---