China's Exim Bank pledges intensified support to embattled exporters

Lending to trading firms rose 12% in H1 2018.

The Export-Import Bank of China, the country’s leading provider of export financing services, is tying up with government agencies to boost lending for companies hammered by the US trade tariffs, reports South China Morning Post.

The bank is planning to roll out a new lending programme to “ensure credit availability and solve high financing cost” but did not disclose any details.

Exim Bank’s lending to trading firms rose 12% in the first half of 2018 and now accounts for half (56%) of credit resources.

Also read: Chinese banks brace as more reserve cuts loom to boost credit-short SMEs

SMEs and smaller players are the hardest hit by China’s slowing economy and credit crunch brought about by escalating tensions.

Regulators have already urged financial institutions to "earnestly implement" plans to reduce financing costs for small firms, adding that big lenders should "take the lead" whilst the central bank is reportedly planning to use its Medium-term Lending Facility (MLF) to encourage bank loans and investment in lower-rated corporate debt.

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