Central China's Hubei province established a reinsurance group with a registered capital of 5 billion yuan on Tuesday in Wuhan. The reinsurance group has reached agreements with multiple banks. Under the agreements, interest rates for loans through reinsurance will be capped at 120 percent of the benchmark interest rate, said Li Ming, the group's vice general manager. The group also provides favorable financing for small-micro firms and agriculture-related burrowers, capping the borrowing cost at 8 percent.
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