People's Bank of China Launches 500 Billion Yuan Facility to Boost Consumption Amid US Trade Tensions

China's central bank, the People's Bank of China (PBOC), announced a series of measures to enhance financial services with the goal of boosting consumer spending. These initiatives include drafting a guiding document to support consumption and promoting a moderate expansion of consumer asset-backed securities (ABS). Additionally, the PBOC has released details of a relending facility worth 500 billion yuan aimed at supporting service consumption and elderly care. The measures are part of broader efforts to stimulate the economy amid ongoing trade tensions with the United States.