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BEIJING, SHANGHAI (Reuters) – China’s central bank said on Wednesday it had set up a loan facility worth more than 200 billion yuan ($27.59 billion) to help manufacturers and other businesses to modernize their equipment, as part of a revival of falling demand.

The People’s Bank of China said in a statement that it would provide low-cost funds to financial institutions and encourage them to lend to businesses to support these upgrades. The loans will be granted on a monthly basis and the interest rate for qualified companies will not exceed 3.2% from September 1, 2022 to December 31, 2022, the central bank added. The one-year prime lending rate in China is currently 3.65%.

The loan facility will support sectors including education, health, culture, tourism and sports, electric vehicle chargers, urban underground facilities, new infrastructure and industrial digital transformation, the central bank said. .

The PBoC has increasingly relied on structural or targeted policy tools, including low-cost loans, to support the slowing economy as it faces limited room to cut interest rates. interest for fear of fueling capital flight and inflation.

The PBoC has deployed lending facilities to support the transport, logistics and storage sectors which have been hit hard by COVID-19, as well as carbon reduction, technological innovation and personal care elderly.

On September 14, China’s Cabinet announced measures to support enterprises’ equipment upgrades, extending a series of measures to support the COVID-ravaged economy.

Land Yuan

China’s onshore yuan extended losses on Wednesday to end the domestic session at its lowest level against the dollar since the 2008 global financial crisis, while the offshore yuan hit a record high, under pressure from expectations of further rises in rate in the United States.

Currency traders said the yuan was reacting to the greenback’s overall strength in global markets as the dollar hit a new two-decade high against a basket of currencies, buoyed by safe-haven demand and a hawkish Federal Reserve.

In onshore markets, the yuan ended the domestic trading session at 7.2458 to the dollar, its weakest close since January 2008 and down 658 pips or 0.91% from the previous late close. 7.18 evening.

The offshore yuan followed suit and weakened 1.15% on the day to trade at 7.2635 around 08:30 GMT.

Fuel export

China may modify a proposed sharp increase in refined fuel export quotas for this year by extending the plan until next year, as it weighs the benefits to the economy of higher exports against weak ones. national stockpiles and operational challenges, four sources told Reuters.

However, the four sources with direct knowledge of the matter – and three others – said the government was still looking into the matter.

The market widely expects China to release a fifth batch of fuel export quotas of up to 15 million tonnes for the rest of the year, which would be its biggest so far in 2022 and increase. Chinese exports down.

The Refiners’ Planning Services proposal, following a government call to boost trade, has led some refiners to prepare for a production boost to take advantage of the quota.

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