BEIJING - China's central bank said Wednesday that it will provide 10 billion yuan ($1.58 billion) in new loans to support the country's spring farming.

The People's Bank of China (PBOC) said in a statement on its website that it would guide financial institutions in rural areas to make good use of the new loans and expand lending to the agricultural sector.

The PBOC made 50 billion new loans to support agriculture in 2011, and the total outstanding loans for supporting agriculture reached a record high of 109.4 billion yuan by the end of last year.