The People's Bank of China (PBC) carried out the direct interim lending with targeted medium-term lending facility (TMLF) terms in the first quarter of this year on Wednesday. 

The People's Bank of China (File photo: VCG)

Large commercial banks, joint-stock commercial banks and large city commercial banks that meet the relevant conditions are eligible to submit application to the PBC, according to the official website of the PBC. 

The amount of operations is 257.5 billion yuan ($378.23 billion) in accordance with the increase in loans for small and micro enterprises in the private sector in the fourth quarter of 2018. 

The operation duration is one year, and the renewal can happen twice according to the needs of the financial institutions. The actual use duration can be three years with an operational rate at 3.15 percent, which is 15 basis points lower than that of medium-term lending facility (MLF) rate.