According to China's central bank, the country's financial system has driven efforts to coordinate COVID-19 management with social and economic development, thus facilitating supply and industrial chains and logistics.
The institution also said that work for the rectification of major platform companies would be constantly promoted to advance the wholesome development of the platform economy.
The central bank's monetary policy will be pushed to defend the real economy, meaning the industries, micro, small and medium-sized enterprises, and sole proprietorships that have been severely affected by the COVID-19 pandemic.
The People's Bank of China announced on Monday that, beginning May 15, it will reduce the reserve requirement ratio for foreign currency deposits by one percentage point, from 9 percent to 8%, in an effort to improve foreign currency management in financial institutions. pic.twitter.com/X8Ow5QSbuE
The bank said that special on-lending would be carried out in sectors such as scientific and technological innovation, elderly care, energy, agriculture and civil aviation with reasonably sufficient liquidity being maintained in the market.