China cut the rate on its pledged supplementary lending facility and expanded several relending programs as the government seeks to support a slowing economy and address rising economic strains. The one-year PSL rate will fall to 1.5% from 1.75%, while the facility will support investment in water, power-grid, computing, communications, urban pipeline and logistics networks. The People’s Bank of China also raised its sci-tech innovation and technological upgrading relending quota by 200 billion yuan to 1.4 trillion yuan, its farm and small-business quota by 500 billion yuan to 4.85 trillion yuan, and its private-enterprise quota by 300 billion yuan to 1.3 trillion yuan. From October 1, eligible first-time homebuyers nationwide will receive an annual interest subsidy of 1 percentage point for up to five years on qualifying commercial mortgages, with the subsidized portion capped at 1 million yuan per household. Eligible homes must be no larger than 120 square metres and cost no more than 1.5 million yuan per household.