According to the People’s Bank of China (PBOC), the balance of structural monetary policy tools as of the end of March 2023 was 6.82 trillion yuan, an increase of about 400 billion yuan compared with the end of last year. Technological innovation refinancing and carbon emission reduction support tools contributed most of the increment.

It is worth noting that in the first quarter of this year, the PBOC newly created two new tools - the special refinancing for the rescue of real estate companies and the rental housing loan support plan.

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