Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
European Central Bank 01 01 - Liquidity Support EUR
European Central Bank 01A 01A - Short-term lending EUR OECD. (accessed 29 April 2020).

No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).

European Central Bank 01B 01B - Support policies for short-term lending EUR IMF. (accessed 29 April 2020); OECD. (accessed 29 April 2020).

No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).

European Central Bank 01C 01C - Forex operations EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 12 12 - Non-Economic Measures EUR
European Union 01 01 - Liquidity Support EUR 10,000,000,000 11,061,946,903
European Union 01A 01A - Short-term lending EUR 10,000,000,000 11,061,946,903 EC. (accessed 16 April 2020).

March, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.

European Union 01B 01B - Support policies for short-term lending EUR
European Union 01C 01C - Forex operations EUR
European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. (accessed 29 April 2020); Yale. (accessed 29 April 2020); EC. (accessed 12 June 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs.

European Union 12 12 - Non-Economic Measures EUR IMF. (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June and presented further guidance on a gradual lifting of border restrictions .

Hong Kong, China 01 01 - Liquidity Support HKD 1,007,800,000,000 129,785,836,628
Hong Kong, China 01A 01A - Short-term lending HKD 7,800,000,000 1,004,494,469 (accessed 11 June 2020).

June 9, see bridge loan component of the Cathay Pacific package in Measure 4.

Hong Kong, China 01B 01B - Support policies for short-term lending HKD 922,349,000,000 118,781,342,159 IMF. (accessed 6 May 2020). HKMA. (accessed 12 May 2020).

(i) No amount/estimate: The Hong Kong Monetary Authority (HKMA) introduced measures to increase banking sector’s liquidity, encouraging banks to deploy their liquidity buffers more flexibly, and easing interbank funding conditions by reducing the issuance size of Exchange Fund Bills. (ii) A total of HKD1 trillion in lending capacity has been released through reduction in regulatory reserves by half on March 16 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.

Hong Kong, China 01C 01C - Forex operations HKD 77,651,000,000 10,000,000,000 IMF. (accessed 6 May 2020).

The HKMA (i) increased banking system liquidity such as through USD repo transactions; and (ii) April 22, Launched a US Dollar Liquidity Facility (US$10 billion) which uses funds obtained through the US Fed's FIMA Repo Facility.

Hong Kong, China 04 04 - Equity support HKD 19,500,000,000 2,511,236,172 (accessed 11 June 2020).

June 9, HKG27.3 billion investment in Cathay Pacific Airways via government-owned Aviation 2020, comprising preference shares with detachable warrants of HKG19.5 billion and a bridging loan of HKG7.8 billion.

Hong Kong, China 12 12 - Non-Economic Measures HKD IMF. (accessed 27 May 2020). Reuters. (accessed 5 June 2020). SMCP. (accessed 9 June 2020). Reuters. (accessed 14 July 2020).

Authorities imposed strict containment measures including: (i) School closures; (ii) Remote work arrangement for civil servants; (iii) Ban on gatherings of more than four people in a public place; (iv) Compulsory quarantine for travelers from overseas countries for 14 days. On June 8, Authorities eased the 14-day quarantine rule for executives of the 480 largest companies listed in the city; (v) Temporary entry ban of nonresident from overseas countries from March 25; (vi) Reduction and partial suspension of cross-border transport and border control point services, including suspension of transit services at the Hong Kong International Airport. (vii) Closure of selected social gathering establishments and businesses until May 7, 2020. (viii) Remote work for civil servants was lifted on May 4th and the first phase of school reopening slated on May 27th. (ix) Religious gatherings of up to 50% of venue capacity were allowed starting May 18 and cultural and leisure facilities including libraries, swimming pools, and beaches reopened on May 21. (x) June 2, Authorities extended a ban on gatherings of more than 8 people by 2 weeks as well as restrictions on foreign visitors until mid-September. (xi) July 13, Authorities reimposed tighter social distancing measures including limiting gatherings to 4 people, a one-week shutdown of 12 types of establishments such as gyms and gaming centres, and limits on restaurant takeaway operations after 6 PM. [update]

Mongolia 01 01 - Liquidity Support MNT 324,000,000,000 117,539,556
Mongolia 01A 01A - Short-term lending MNT
Mongolia 01B 01B - Support policies for short-term lending MNT 324,000,000,000 117,539,556 International Monetary Fund (IMF). (accessed 24 June 2020).

March 11, The Bank of Mongolia (BOM) reduced the Mongolian Tugrik (MNT) reserve requirement of banks by 200 basis points (bps) to 8.5%. The lower reserve requirement released MNT324 billion of additional liquidity in the banking system.

Mongolia 01C 01C - Forex operations MNT
Mongolia 04 04 - Equity support MNT
Mongolia 12 12 - Non-Economic Measures MNT IMF. (accesed 24 June 2020).

Feb 13, The authorities declared the state of high alert and quickly implemented a broad range of measures including a travel ban from high-risk countries, social distancing, public events cancellations, and school and university closures.

People's Republic of China 01 01 - Liquidity Support CNY 3,000,000,000,000 427,467,784,473
People's Republic of China 01A 01A - Short-term lending CNY 3,000,000,000,000 427,467,784,473 IMF. (accessed 15 April 2020); Xinhua. (accessed 28 May 2020); Global Times. (accessed 9 June 2020); NASDAQ. (accessed 19 June 2020); CEIC Data Company.

(i) CNY1.8 trillion for the expansion of re-lending and re-discounting facilities to support manufacturers of medical supplies and daily necessities, micro-, small- and medium-sized firms and the agricultural sector at low interest rates; (ii) In order to keep the liquidity stable, the People’s Bank of China (PBOC) conducts reverse repo operations with peak amounts (since February 3, 2020) of CNY900 billion (for 7-day maturity and CNY300 billion (for 14-day maturity). On 28 June, PBOC conducted reverse repos in the amount of CNY100 billion (for 7-day maturity).

People's Republic of China 01B 01B - Support policies for short-term lending CNY IMF. (accessed 15 April 2020).

No amount/estimate: (i) Targeted reserve requirement ratio cuts by 50-100 bps for large- and medium-sized banks that meet inclusive financing criteria which benefit smaller firms, an additional 100 bps for eligible joint-stock banks, and 100 bps for small- and medium-sized banks in April and May to support SMEs; (ii) reduction of the 7-day and 14-day reverse repo rates by 30 and 10 basis points (bps), respectively; (iii) China will encourage its financial institutions to make interest concessions as appropriate to businesses to help keep economic fundamentals stable, and ensure that all fee-cutting measures are fully executed on the ground in an effort to ease corporate burdens.

People's Republic of China 01C 01C - Forex operations CNY IMF. (accessed 15 April 2020).

The exchange rate has been allowed to adjust flexibly. A ceiling on cross-border financing under the macroprudential assessment framework was raised by 25% for banks, non-banks and enterprises.

People's Republic of China 04 04 - Equity support CNY 200,000,000,000 28,497,852,298 Caixin Global. (accessed 19 June 2020).

Policymakers are planning to allow local governments to replenish the capital of certain small and midsize banks to the tune of about CNY200 billion ($28.2 billion) in an effort to defuse bad-debt risks .

People's Republic of China 12 12 - Non-Economic Measures CNY IMF. (accessed 20 May 2020).

The government imposed strict containment measures, including the extension of the national Lunar New Year holiday (ending on Feb 2 extended from Jan 30), the lockdown of Hubei province, large-scale mobility restrictions at the national level, social distancing, and a 14-day quarantine period for returning migrant workers. The domestic transmission of the virus has slowed significantly, and mobility restrictions have been largely removed, while policy has tightened to contain the virus transmission of asymptomatic cases. Starting in mid-February, the government has gradually removed mobility and activity restrictions, prioritizing essential sectors, specific industries, regions, and population groups based on ongoing risk assessments. Most businesses and schools have reopened nationwide, but social distancing rules remain in place at the micro level and foreign entry remains restricted to contain imported cases. Localized movement restrictions were re-imposed in two cities in Jinlin province following reports of new infections. Testing and individualized health QR codes are used to gauge the path of the virus and contain outbreaks.

Republic of Korea 01 01 - Liquidity Support KRW 21,650,000,000,000 17,744,645,498
Republic of Korea 01A 01A - Short-term lending KRW 21,650,000,000,000 17,744,645,498 International Monetary Fund (IMF). (accessed 11 April 2020); BOK. (accessed 1 May 2020). BOK. (accessed 23 June 2020). FSC. (accessed 25 June 2020).

(i) No amount/estimate: The Bank of Korea (BOK) is making unlimited amounts available through open market operations (OMOs). (ii) February 27, To augment available funding for small and medium-sized enterprises (SMEs), the BOK increased the ceiling of the Bank Intermediated Lending Support Facility by a total of KRW5 trillion (about 0.26% of gross domestic product [GDP]). On May 13, the BOK increased the financial support by an additional KRW5 trillion to bring the ceiling to a total of KRW10 trillion. (iii) April 16, The BOK launched the Corporate Bond-Backed Lending Facility as a lending scheme providing KRW10 trillion in loans to businesses, banks and non-bank financial institutions for up to 6 months. (iv) June 19, KRW1.65 trillion in loans by policy banks as part of a financial aid package for the auto industry consisting of KRW175 billion in loans, KRW300 billion private debt fund to support first-tier subcontractors based on their accounts receivable, and KRW1 trillion in working capital loans with preferential interest rates for subcontractors with previous records of supplying parts to automakers.

Republic of Korea 01B 01B - Support policies for short-term lending KRW IMF. (accessed 11 April 2020).

No amount/estimate: The BOK has taken several measures to ensure continued accommodative monetary conditions and facilitate financial system liquidity. These include (i) Expanding the list of eligible OMO participants to include select nonbank financial institutions; (ii) Expanding eligible OMO collateral to include bank bonds and certain bonds from public enterprises and agencies; and (iii) temporarily reducing the minimum foreign exchange liquidity coverage ratio for banks to 70% (was 80%).

Republic of Korea 01C 01C - Forex operations KRW IMF. (accessed 11 April 2020).

No amount/estimate: Other measures taken to facilitate funding in foreign exchange include (i) raising the cap on foreign exchange forward positions to 50% of capital for domestic banks (previously 40%) and 250% for foreign-owned banks (was 200%), (ii) temporarily suspending the 0.1% tax on short-term nondeposit foreign exchange liabilities of financial institutions, and (iii) see (iii) in Measure 1B.

Republic of Korea 04 04 - Equity support KRW 10,700,000,000,000 8,769,870,985 IMF. (accessed 11 May 2020). OECD. (accessed 11 May 2020).

(i) March 24, The government announced the creation of a stock market stabilisation fund (KRW10.7 trillion).

Republic of Korea 12 12 - Non-Economic Measures KRW IMF. (accesed 8 May 2020). Reuters. (accessed 2 June 2020).

(i) The authorities have implemented comprehensive testing and tracking, which has enabled early isolation and treatment while minimizing widespread mobility restrictions; (ii) April 22, The government unveiled a set of guidelines that communities and individuals to balance their daily lives and quarantine activities; (iii) May 6, The government ended the 2-month social distancing campaign and shifted to the so-called everyday life quarantine scheme; (iv) June 2, Authorities started testing a new quick response (QR) code system to log visitors at high-risk entertainment facilities, restaurants and churches in a bid to track coronavirus cases and prevent further spread of the disease.

Taipei,China 01 01 - Liquidity Support TWD 200,000,000,000 6,637,792,270
Taipei,China 01A 01A - Short-term lending TWD 200,000,000,000 6,637,792,270 Central bank press release. (accessed 8 May 2020).

April: (i) Under the special accommodation facility, the monetary authority of Taipei,China (the Bank) will, preliminarily, provide banks with additional funds of a total amount of TWD200 billion and at a rate of one percentage point lower than the policy rate on accommodations with collateral, in order to support credit extensions to SMEs; (ii) To ensure continued availability of liquidity banks may also use their holdings of the certificates of deposit (CDs) and negotiable certificates of deposit (NCDs) issued by the Bank to request early withdrawal or to take out secured loans; (iii) In case of emergency, the Bank's expanded repo facility, introduced in 2008 at the onset of the global financial crisis, could also be utilized to provide sufficient market access to liquidity; (iv) Under the broadened scope, securities firms and insurance companies are included as eligible counterparties in addition to banks and bills finance companies.

Taipei,China 01B 01B - Support policies for short-term lending TWD
Taipei,China 01C 01C - Forex operations TWD
Taipei,China 04 04 - Equity support TWD
Taipei,China 12 12 - Non-Economic Measures TWD Ministry of Foreign Affairs press releases. (accessed 19 June 2020); Centers for Disease Control press releases. (accessed 10 July 2020).

(i) February 7, the authorities implemented entry restrictions and visa control measures; (ii) February 15, Travelers were required to undergo home quarantine; (iii) March 5, Central Epidemic Command Center (CECC) issues guidelines for large-scale public gatherings to prevent widespread community transmissions; (iv) April 1, CECC announced social distancing measures to reduce the risk of transmission; (iv) April 10, Crowd control was imposed at tourist hotspots, night markets, and temples; (v) May 6, CECC lifts certain epidemic prevention measures as the COVID numbers stabilize; (vi) June 22, short-term business travelers are allowed entry and can apply for shortened home quarantine period; (vii) June 24, CECC announced that entry measures for foreign nationals and Hong Kong, China and Macau, China residents will be relaxed starting June 29 to meet commercial and trade demand and humanitarian needs [update]; (viii) July 8, CECC further relaxes restrictions concerning attending funerals and visiting relatives for people in home isolation or quarantine [update].