BEIJING, (Reuters) – China’s central banking announced Friday that it launched a 100 Billion Yuan ($15B) lending facility to help the transportation, logistics and storage industries which were hard hit by COVID-19.

According to a Wechat post, The People’s Bank of China said that the People’s Bank of China will be able to better integrate its broad-based as well as structural policy instruments. It also plans on optimising its structural policy system constantly, according to a statement.

The central bank stated that “Monetary policies should be coordinated with fiscal and industry policies in order to jointly boost confidence market players, stimulate the market drivers, support real economic growth, and achieve stable growth.”

Because it has limited options to reduce interest rates to avoid capital flight or inflation, the PBOC relies more heavily on specific policy tools like low-cost loans to help support slowing economies.

The central bank stated that such structural policies will provide financial institutions with more incentive to lend at lower financing costs to small businesses and weak economic links.

Wednesday’s announcement by the PBOC indicated that an additional 100 billion yuan was available for loans to finance coal production and storage.

The PBOC established relending services to help reduce carbon emissions and support tech innovation.

China’s rediscount and relending loan outstandings totalled 2.47 Trillion Yuan at March 31. This is an increase of 526.3 Billion yuan annually, according to the central bank.

($1 = 6.6623 renminbi)

(thsistory refiles in order to fix typo at paragraph 8)