China's central bank reports progress on relending facility for sci-tech innovation

BEIJING, June 15 (Xinhua) -- China's central bank has reported its progress on the special relending facility in supporting sci-tech innovation, technical transformation and equipment renewal.

The central bank has selected nearly 7,000 firms as the first batch of eligible firms and recommended them to 21 banks, the People's Bank of China (PBOC) said in a statement.

According to the PBOC, of the special relending facility worth 500 billion yuan (about 70.47 billion U.S. dollars), 100 billion was earmarked to support first loans to sci-tech-oriented small and medium-sized firms in their early development or growth stage.

The PBOC said in April, when the facility was established, that the interest rate of the one-year facility stands at 1.75 percent. It can be extended twice, with a one-year term each.

The facility aimed to help key sectors become more digitalized, smart, advanced, and green, according to the PBOC.