China Central Bank Pledges $14 Billion for Flood Recovery

China's central bank, the People's Bank of China (PBOC), has announced a significant funding package of 100 billion yuan ($14 billion) to support areas severely impacted by recent floods, which have damaged around 6 million acres of farmland. This initiative comes in response to extreme weather events, including Typhoon Gaemi and record rainfall, which have led to economic losses of approximately 76.9 billion yuan ($10.1 billion) in July alone. The funds will be directed towards 12 provinces, including Fujian, Guangdong, and Henan, as well as supporting farmers, small businesses, and households. Vice Premier Liu Guozhong emphasized the necessity for improved agricultural disaster prevention and urged for a strong autumn harvest. The PBOC has already issued a total of 2.61 trillion yuan in re-lending quotas to bolster the agricultural sector and small enterprises. The government is also focusing on enhancing monitoring and defense capabilities against future natural disasters.