BEIJING, May 9 -- China's central bank announced on Friday that it has set up a relending facility for service consumption and elderly care, aiming to guide financial institutions in strengthening support for these sectors.

The relending facility quota for service consumption and elderly care is 500 billion yuan (about 69.35 billion U.S. dollars), and features an annual interest rate of 1.5 percent and a term of one year, according to the People's Bank of China.

Eligible applicants for the facility include 21 national financial institutions, such as policy banks and state-owned commercial banks, as well as five city commercial banks including Bank of Beijing and Bank of Shanghai, the central bank noted.

This relending facility will be in effect until the end of 2027, the central bank said, while adding that it will encourage and guide financial institutions to beef up support for key areas in the service consumption sector -- such as accommodation and catering, culture, sports and entertainment, and education, as well as the elderly care industry.