China's central bank steps up support for clean, efficient coal use

China's central bank on Wednesday announced that it has increased the targeted re-lending quota for the coal industry by another 100 billion yuan (about $15.11 billion) to support the clean and efficient use of coal.

The additional re-lending quota will be used to support the development and use of coal, and enhance the coal reserve capacity, with priority given to ensuring the safe production and storage of coal and ramping up the electricity coal supply for coal-fired power companies, the People's Bank of China (PBOC) said.

The move aims to stabilize industrial and supply chains and keep the country's major economic indicators within an appropriate range as a complex global environment and fluctuating international energy prices pose mounting uncertainties and challenges to China's energy security and its economy, according to the PBOC.

At a State Council executive meeting last November, the country decided to roll out a targeted re-lending program with a quota of 200 billion yuan to make coal use cleaner and more efficient amid efforts toward green and low-carbon development.