|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Hong Kong, China||02||02 - Credit creation||HKD||50,400,000,000||6,490,579,645|
|Hong Kong, China||02A||02A - Financial sector lending/funding||HKD|
|Hong Kong, China||02B||02B - Support policies for long-term lending||HKD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). Hong Kong Monetary Authority. https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2020/20200330e1.pdf (accessed 15 April 2020).||
No amount/estimate: (i) Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on March 4 and March 16, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate. (ii) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on March 16. (iii) The implementation of the various requirements under the Basel III framework have also been deferred.
|Hong Kong, China||02C||02C - Loan guarantees||HKD||50,400,000,000||6,490,579,645||HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200418-3/ (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/05/20200529-8/ (accessed 4 May 2020). The Standard. https://www.thestandard.com.hk/section-news/section/2/219763/HK-export-insurer-doubles-credit-limit (accessed 11 June 2020).||
(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100% (HKD20 billion), 90% and 80% guarantees from authorities. On May 29, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. (ii) June 8, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%.
|Hong Kong, China||07||07 - Central bank financing government||HKD|
|Hong Kong, China||07A||07A - Direct lending and reserve drawdown||HKD|
|Hong Kong, China||07B||07B - Secondary purchase: government securities||HKD|
|Mongolia||02||02 - Credit creation||MNT||347,504,234,118||126,066,338|
|Mongolia||02A||02A - Financial sector lending/funding||MNT||240,000,000,000||87,066,338||Mongolian News Agency. https://montsame.mn/en/read/226090 (accessed 21 May 2020).||
May 20, The BOM has decided to implement the 8% interest rate mortgage program with total investment of MNT240 billion. The central bank will provide the fund using the principal's repayment of its mortgage-backed securities, and commercial banks will provide funding of not less than the sum provided by BOM to mortgage loans. The program is expected to run from May 2020 until the end of this year.
|Mongolia||02B||02B - Support policies for long-term lending||MNT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).||
No amount/estimate: The BOM (i) reduced the policy rate twice - March 11 by 100 bps to 10% and April 13 by 100 bps to 9%; and (ii) narrowed the policy rate corridor to ±1%. March 18, The BOM and the Financial Regulatory Commission implemented temporary financial forbearance measures on prudential requirements, loan classifications, and restructuring standards.
|Mongolia||02C||02C - Loan guarantees||MNT||107,504,234,118||39,000,000||Asian Development Bank (ADB). https://www.adb.org/sites/default/files/project-documents/54174/54174-001-rrp-en.pdf (accessed 26 May 2020).||
April, Guarantees to support vulnerable businesses amounting to USD39 million.
|Mongolia||07||07 - Central bank financing government||MNT|
|Mongolia||07A||07A - Direct lending and reserve drawdown||MNT|
|Mongolia||07B||07B - Secondary purchase: government securities||MNT|
|People's Republic of China||02||02 - Credit creation||CNY||2,913,500,000,000||415,142,463,354|
|People's Republic of China||02A||02A - Financial sector lending/funding||CNY||1,400,000,000,000||199,484,966,088||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Intellasia. https://www.intellasia.net/coronavirus-china-needs-gdp-growth-of-about-3-per-cent-in-2020-to-meet-job-goals-analysts-say-785701 (accessed 8 June 2020).||
(i) Liquidity injection into the banking system via medium-term lending facility totaling of CNY1 trillion since January of this year [update]; (ii) June 8, the PBOC, to start buying up to CNY400 billion (US$56.1 billion) of loans that local lenders have provided to small businesses, giving local banks the ability to increase small business lending by as much as CNY1 trillion yuan.
|People's Republic of China||02B||02B - Support policies for long-term lending||CNY||1,513,500,000,000||215,657,497,267||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 May 2020); SCMP. https://www.scmp.com/economy/china-economy/article/3083268/china-coronavirus-stimulus-what-measures-have-been-used (accessed 8 May 2020); Xinhua. http://www.xinhuanet.com/english/2020-02/06/c_138761254.htm (accessed 15 April 2020); The People's Bank of China. http://www.pbc.gov.cn/en/3688110/3688181/4024042/index.html (accessed on 20 May 2020); The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202006/19/content_WS5eebf19bc6d0a6946639c58f.html (accessed 19 June 2020); PBOC. http://www.pbc.gov.cn/en/3688229/3688335/3883798/index.html (accessed 24 June 2020).||
(i) Reduction of the 1-year medium-term lending facility (MLF) rate and targeted MLF rate by 30 and 20 bps, respectively (ii) Reduction of the interest on excess reserves from 72 to 35 bps; (iii) Flexibility in the implementation of the asset management reform; (iv) The PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) allows the sale of coronavirus-relief bonds by financial institutions. China Development Bank issued the first batch of special bonds to fight the virus, equivalent of CNY13.5 billion at 1.65% for the purpose of emergency funding for affected firms; (v) No amount/estimate: tolerance for higher NPLs for loans by epidemic-hit sectors and SMEs and reduced NPL provision coverage requirements ; (iii) May 15, The PBOC lowered the RRR by 0.5 percentage points, for rural financial institutions and urban commercial banks operating solely within provincial-level administrative regions. This marks the second phase, of RRR reduction for these types of banks, releasing about RMB200 billion of long-term funds; (iv) June 17, The State Council encouraged financial institutions to provide CNY1.5 trillion (about $212 billion) worth of benefits to firms through cuts in interest rates and other methods this year. In order to support such firms, government at all levels have adopted policies like conducting differentiated supervision, increasing credit availability and mitigating loan risks [update]; (v) No amount/estimate: PBOC announced the Loan Prime Rate (LPR) on June 22, 2020 as follows: the one-year LPR is 3.85% and the above-five-year LPR is 4.65%. The rates are effective until the next release [update].
|People's Republic of China||02C||02C - Loan guarantees||CNY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).||
No amount/estimate: Increased fiscal support for credit guarantees.
|People's Republic of China||07||07 - Central bank financing government||CNY|
|People's Republic of China||07A||07A - Direct lending and reserve drawdown||CNY|
|People's Republic of China||07B||07B - Secondary purchase: government securities||CNY|
|Republic of Korea||02||02 - Credit creation||KRW||300,000,000,000||245,884,233|
|Republic of Korea||02A||02A - Financial sector lending/funding||KRW||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020). BOK. https://www.bok.or.kr/eng/bbs/B0000308/view.do?nttId=10058185&menuNo=400380&pageIndex=1 (accessed 27 May 2020).|
|Republic of Korea||02B||02B - Support policies for long-term lending||KRW||OECD. https://www.oecd.org/coronavirus/en/ (accessed 12 May 2020). FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152204 (accessed 12 May 2020). BOK. https://www.bok.or.kr/eng/bbs/E0000634/view.do?nttId=10058434&menuNo=400069 (accessed 28 May 2020).||
No amount/estimate: (i) March 17, The BOK lowered the interest rate on the Bank Intermediated Lending Support Facility to 0.25% (from 0.5%-0.75%) and lowered the Base Rate by 50 basis points (bps), from 1.25% to 0.75%. On May 28, the Base Rate was further reduced by 25 bps to a record low 0.5%. (ii) May 6, The Korea Financial Services Commission (FSC) postponed the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions amid the COVID 19 crisis.
|Republic of Korea||02C||02C - Loan guarantees||KRW||300,000,000,000||245,884,233||OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).||
(i) March 17: The National Assembly approved loans and guarantees for small businesses (Note that the amount is included in (ii.a) of Non-health under Measure 5). (ii) June 19, KRW300 billion in guarantees by the Korea Credit Guaranteee Fund as part of a financial aid package for the auto industry. [update]
|Republic of Korea||07||07 - Central bank financing government||KRW||3,000,000,000,000||2,458,842,332|
|Republic of Korea||07A||07A - Direct lending and reserve drawdown||KRW|
|Republic of Korea||07B||07B - Secondary purchase: government securities||KRW||3,000,000,000,000||2,458,842,332||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 June 2020).||
The BOK is purchasing Korean Treasury Bonds (KRW3 trillion).
|Taipei,China||02||02 - Credit creation||TWD|
|Taipei,China||02A||02A - Financial sector lending/funding||TWD|
|Taipei,China||02B||02B - Support policies for long-term lending||TWD||Central bank press release. https://www.cbc.gov.tw/en/cp-448-106421-c1b88-2.html (accessed 8 May 2020); Cental bank press release. https://www.cbc.gov.tw/en/cp-448-114975-fbb83-2.html (accessed 19 June 2020).||
No amount/estimate: (i) March 20, The discount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral will be reduced by 0.25 percentage points to 1.125%, 1.5%, and 3.375%, respectively; (ii) June 18, The discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations were kept unchanged at 1.125%, 1.50%, and 3.375%, respectively [update].
|Taipei,China||02C||02C - Loan guarantees||TWD|
|Taipei,China||07||07 - Central bank financing government||TWD|
|Taipei,China||07A||07A - Direct lending and reserve drawdown||TWD|
|Taipei,China||07B||07B - Secondary purchase: government securities||TWD|