People’s Bank of China will lend US$70 billion to support science and technology sectors

The People’s Bank of China will set up a 500 bn yuan lending programme to support science and technology sectors in the country.

• will offer loans via 21 banks to small and midsize technology companies at an interest rate of 1.75%, for up to 3 years
• the initial period of the loans will be for 1 year, can be extended twice, for up to a year each time

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That 1.75% rate compares favourably with the current 1-year Loan Prime Rate of 3.45%.

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ps this is doing the rounds on Twitter from a Financial Times article:

China winning.

This article was written by Eamonn Sheridan at www.forexlive.com.