The People’s Bank of China (PBoC) is looking to pump up to $32.8bn into about 20 large national and regional banks, with an aim to pace up economic growth.
PBoC will offer funds to joint-stock banks with an aim to help them prepare for year-end liquidity requirements.
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The injection comes amid worries that the Chinese government may miss its 7.5% growth target in 2014, and is expected to benefit significant areas including public housing and small business.
The present move is preceded by injection of CNY500bn of liquidity to five biggest banks in China by PBoC last month.
As part of its recent move, the bank has informed joint-stock banks including Industrial Bank Co and Guangfa Bank to submit applications for the funds in the form of three-month loans from the central bank.
Media reports cite that the loans’ interest rates will be similar to the rates on the CNY500bn funds.
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