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China’s Central Bank to Provide 1tn Yuan – Xinhua

The funds will mainly facilitate value-added tax credit refunds and increase the central government’s transfers to local governments


China's currency has enjoyed its best week in about 18 months, traders said.
The yuan also gained some support as the financial hub of Shanghai lifted more of its Covid-19 restrictions. Photo: Reuters.

 

China’s central bank plans to turn over more than 1 trillion yuan ($158 billion) in surplus profits to the country’s central budget in 2022 to support enterprises and stabilise employment, Xinhua reported.

The funds will mainly be used to facilitate value-added tax credit refunds and increase the central government’s transfer payments to local governments, according to an online statement from the People’s Bank of China.

Read the full report: Xinhua

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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