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Central bank provides $785m for quake areas

(Xinhua)
Updated: 2008-05-14 15:48

The People's Bank of China (PBOC), the central bank, announced on Wednesday that it would provide 5.5 billion yuan ($785.86 million) in financing to the areas of Sichuan and Gansu provinces that were hardest hit by Monday's deadly earthquake.

Sichuan and Gansu got 3.3 billion yuan and 2.2 billion yuan, respectively, in refinancing for commercial banks and rural cooperatives to increase their liquidity and ability to support disaster relief and reconstruction.

A 7.8-magnitude quake ripped through Wenchuan County, 159 kilometers northwest of the Sichuan capital of Chengdu. As of 7 pm on Tuesday, the province had reported 12,012 deaths, according to the disaster relief center under the State Council (cabinet).

Su Ning, vice governor of the PBOC, said the government treasury system was functioning smoothly and 1.36 billion yuan in disaster relief funds had been appropriated to quake-hit areas as of 5 pm on Tuesday. Those areas had adequate cash supplies and the financial system was stable, Su added.

The PBOC urged its local branches on Tuesday to closely cooperate with the finance and civil affairs departments to guarantee timely allocation of disaster funds. Branches were urged to ensure adequate cash supplies.

The central bank said it would cooperate with public security and transportation agencies to ensure safe transport of cash.