China-Credit-Cooperative

HONG KONG (AFX-ASIA) - The People's Bank of China announced that it has decided to increase refinancing loans by 20 bln yuan in the first half of this year to rural credit cooperatives, the official Xinhua news agency reported from Beijing. The PBOC promulgated at the same time the guiding procedures on rural credit cooperatives' support to agricultural production, in an effort to help farmers increase income and expand the rural consumption market, Xinhua said. Statistics show that by the end of February, outstanding loans by rural credit cooperatives throughout the country had reached 1.0955 trln yuan, an increase of 40 bln yuan over the beginning of the year. Of the total loans, agricultural loans stood at 380.7 bln yuan, an increase of nearly 20 bln yuan or 51 pct, Xinhua said. pporting agricultural production be extended in time.

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