supply by the pboc was mainly a passive consequence of accumulation in foreign reserves. the independence of monetary policy has increased noticeably. third, another feature of china's monetary policy is its combination of aggregate and structural considerations. our sound monetary policy not only includes aggregate support, but also has structural characteristics. we have leveraged structural monetary policy tools to enhance the financial support for agriculture, small and medium enterprises ( smes ), the private companies and other structural weak links on the supply side. as a result, finance has now become more accessible, available and affordable. as of end - september 2022, nearly 54 million smes have gained access to inclusive loans, four times that of end - 2017, with outstanding loans hitting $ 3. 5 trillion equivalent ( rmb23 trillion ). the weighted average interest rate on new inclusive loans issued in september was 4. 7 %, down by 180bps compared with the same period of 2017. different structural monetary policy tools can be either long - term or ad - hoc. central bank relending and re - discounts in support of the agrarian sector and smes, which you are all quite familiar with and have an outstanding value of $ 360 billion equivalent ( rmb 2. 5 trillion ), are typical examples of long - term tools. the typical ad - hoc tools that we put in place in recent years, however, include the special - purpose relending facilities in support of scientific and technological innovation, transportation and logistics, equipment upgrading, etc. with an outstanding value of $ 430 billion equivalent ( rmb3 trillion ), these ad hoc instruments have well - defined expiration dates or exit plans. when their policy goals are met, they will be phased out in an orderly manner. 2 / 3 bis - central bankers'speeches last but not least, i would like to talk about the role of structural monetary policy in housing and green finance. china's housing sector is linked to a lot of upstream and downstream industries. therefore, its healthy development is of great significance to the overall economy. the housing market is undergoing some adjustments. joining hands with relevant ministries and local governments, we have tailored policy solutions to local specificities. such tools include cutting mortgage rates and down payment ratios, with an aim of supporting real housing needs. in some previous incidents, some troubled developers were unable to complete pre - sold housing projects on time. in response, we've issued $ 30 billion equivalent ( rmb200 billion ) worth of

special loans to ensure their timely completion, and have put in place structural policy tools to encourage active participation by commercial banks. meanwhile, we've also expanded support for bond issuance by private firms, including private housing developers, through credit enhancement facilities. we've also rolled out a carbon reduction tool to foster green development. operating on market principles, this tool supports financial institutions'lending to enterprises focusing on clean energy, emission reduction and carbon reduction. tapping this tool, financial institutions need to estimate and disclose the carbon cuts financed by such loans. this will help promote the mentality of green development, and the practice of carbon accounting and disclosure. by the end of september 2022, around $ 35 billion equivalent ( rmb240 billion ) worth of carbon reduction credit facility has been used, mobilized around $ 60 billion equivalent ( rmb400 billion ) worth of carbon reduction loans, and financed carbon cuts of more than 80 million tons. recently, we've included two foreign - funded banks to the list of financial institutions eligible for extending such loans. going forward, the people's bank of china will continue to take xi jinping thought on socialism with chinese characteristics as our guide and implement the guiding principles set forth by the 20th cpc national congress. we will continue to build a modern central banking system, implement sound monetary policy to serve the real economy, prevent financial risks and deepen financial reforms. we will also continue to support the financial street in developing into the national center of financial administration and in contributing even more to china's modernization. finally, i wish the forum a complete success. thank you! 3 / 3 bis - central bankers'speeches