China's forex reserves edge higher, new tech lending program announced

By Dow Jones Newswires

Country's foreign-exchange reserves edged up in March, while the People's Bank of China announced a new relending program to sponsor tech development.

The country's foreign-exchange reserves rose $19.84 billion to $3.246 trillion at the end of March, growing 0.62%, the State Administration of Foreign Exchange said Sunday.

The combined effect of factors such as exchange rate conversion and asset price changes contributed to the rise, the foreign exchange regulator said.

A Wall Street Journal poll of economists tipped reserves rising to $3.232 trillion at the end of March from February's $3.226 trillion.

In a separate statement, China's central bank said Sunday it would set up a 500-billion yuan ($69 billion) relending program to boost the country's science and technology development.

The central bank will offer one-year loans through 21 financial institutions, including policy banks, to the country's smaller technology companies at an interest rate of 1.75% to support technology and equipment upgrades. The loans can be extended twice for an additional year, according to the statement.

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04-07-24 2010ET

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