Companies get cheaper loans in June: China's central bank

BEIJING, Aug. 9 (Xinhua) -- Companies in China enjoyed cheaper loans in June as the central bank moved steadily to cut lending rates in support of the real economy, the People's Bank of China (PBOC) said on Friday.

The weighted average rate of new corporate loans was 3.63 percent, down 0.32 percentage points year on year, the PBOC said in its second-quarter China Monetary Policy Report.

The weighted average rate of all new loans was 3.68 percent in June, down 0.51 percentage points from the same period last year and remaining at a historic low, it said.

In the future, the central bank will continue pursuing a prudent monetary policy and improve the formation, adjustment and transmission mechanism for market-based interest rates, according to the report.