China unveils details of $42 billion re-lending scheme to sustain stock market

Chinese regulators announced a relending program of 300 billion yuan (approximately US$42.2 billion) that allows listed companies and key shareholders to apply for loans from 21 banks to fund stock buybacks and increase stakes.

This initiative aims to strengthen the equity market, leading to a 3.6% rise in the CSI 300 Index, the largest gain in nearly two weeks.

Loans will be offered at a maximum interest rate of 2.25%, effective immediately.

The program is part of a broader effort to support China’s US$9.6 trillion stock market, alongside a 500 billion yuan swap facility for brokerages and insurers, the South China Morning Post has reported.

read more: https://www.scmp.com/business/china-business/article/3282914/china-unveils-details-us42-billion-relending-scheme-sustain-stock-market

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