The People's Bank of China (PBOC), China's central bank, reported a net issuance of 150 billion yuan (21.12 billion U.S. dollars) of Pledged Supplementary Lending (PSL) to three policy banks in January.

This net increase in January came after the PBOC reported a net issuance of 350 billion yuan for the three banks in December last year. The three banks are namely the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China.

The January lending brought the outstanding PSL value to over 3.4 trillion yuan towards the end of last month, PBOC data showed.

Established by the Chinese central bank in 2014, the PSL offers funding support for various government-backed projects, such as the renovation of residential communities in urban regions, the construction of underground pipes and corridors, and big water projects.

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