China's central bank to step up re-lending policy for stock repurchases and increased holdings

BEIJING, Nov. 4 (Xinhua) -- The People's Bank of China (PBOC), the central bank, said Wednesday it will step up implementation of its re-lending policy for stock repurchases and increased holdings to maintain capital market stability.

Starting Wednesday, the interest rate on the re-lending facility will be lowered by 25 basis points to 1 percent, the PBOC said in a statement.

The facility is available to 21 national banks and five systemically important city commercial banks. It covers 100 percent of eligible loans, has a term of one year and can be extended according to the banks' needs.