China working on new monetary policy facility for green projects – central bank head

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FILE PHOTO: Headquarters of the PBOC, the central bank, is pictured in Beijing

GLASGOW – China’s central bank governor, Yi Gang, said on Wednesday Beijing was working on a new monetary policy facility to provide low cost funds for financial institutions to support green projects.

Addressing a United Nations COP26 climate summit via a video message, Yi said the People’s Bank of China (PBOC) and the European Union would soon deliver a shared understanding of what is a green investment.

(Reporting by William James and Simon Jessop, writing by Elizabeth Piper)

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