Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source 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