$16b to banks for agriculture

China's central bank has lent 100 billion yuan ($16 billion) to some small and medium-sized banks to allow them to re-lend the cash to agricultural projects, Reuters reported over the weekend citing sources.

The country promised in last week's cabinet meeting that it would disburse more loans to commercial banks via the "re-lending" schemes, as a way to increase liquidity in the system and support economic growth.

The banks had received the latest loans at the end of May, the sources said.

By the end of 2013, the outstanding re-lending to support agricultural projects totaled 168.4 billion yuan ($27.3 billion).