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The People’s Bank of China said it will set up a relending program of as much as 500 billion yuan ($69 billion) to support innovation and project upgrades in the science and technology sectors.

The loans will have an interest rate of 1.75% and a tenor of one year, which can be extended twice for an additional year, according to a statement posted on the PBOC’s website Sunday. The loan quota will be allocated to 21 banks.



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