China's central bank, the People's Bank of China (PBOC), has announced plans to establish a $70 billion tech re-lending program in an effort to support the country's technology sector. This initiative aims to provide financial support to tech companies and promote innovation in the industry.
The program will involve the PBOC providing funds to commercial banks at a low interest rate, which will then be lent to tech firms at a slightly higher rate. This will help reduce borrowing costs for tech companies and encourage investment in research and development.
