China's outstanding structural monetary-policy instrument balance at 6.9t yuan

BEIJING - China's outstanding balance of structural monetary policy instruments reached 6.9 trillion yuan ($957.3 billion) as of the end of June, data from the People's Bank of China (PBOC), the central bank, showed Thursday.

In a quarterly report, the central bank said that the amount stayed at a proper level and that these instruments prioritized fields that most needed financial support, including low-carbon development, scientific and technological innovation, and inclusive financing.

In recent years, the PBOC continuously adjusted and improved its structural monetary policy tools, the report said, adding that the outstanding balance of structural monetary policy instruments accounted for 16 percent of its total assets, which was at a similar level compared to other markets such as the euro-zone, the UK, and Japan.

As of the end of June, the central bank's refinancing for agriculture stood at 565.8 billion yuan, while the amount for small and micro-sized firms stood at a little more than 1.42 trillion yuan.

The central bank also supported commercial banks to increase the amount of lending through micro-credit schemes by 2.7 trillion yuan. The report showed the outstanding balance of special-purpose refinancing for carbon-reduction increased by 143.3 billion yuan compared to the start of 2023.

As of the end of June, the central bank's loan support scheme for the property market stood at 500 million yuan. The scheme will be extended until May 2024, according to the report.