The People's Bank of China sets up service consumption and pension refinancing

On May 9th, the service consumption and pension reloan quota is 500 billion yuan, with an annual interest rate of 1.5%. The term is 1 year, and it can be extended twice. The maximum term of use does not exceed 3 years. The recipients include 21 national Financial Institution Groups such as China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks, and 5 city commercial banks belonging to the Systemically Important Financial Institution Group such as Bank of Beijing, Bank of Shanghai, Bank of Jiangsu, Bank of Nanjing, and Bank of Ningbo. The policy will be implemented until the end of 2027.