(Reuters) – The self-regulatory body of China’s interbank market said on Tuesday it will expand bond financing for private firms, including developers, with support from the central bank.

The debt financing tools, dubbed “the second arrow” and supported by People’s Bank of China’s refinancing, were launched in 2018.

The National Association of Financial Market Institutional Investors (NAFMII) said on Tuesday the scheme is expected to support about 250 billion yuan ($34.47 billion) of bond financing by private firms, and will be expanded further if needed.

($1 = 7.2527 Chinese yuan renminbi)

(Reporting by Shanghai and Beijing newsroom)