Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Hong Kong, China 02 02 - Credit creation HKD 70,400,000,000 9,066,206,488
Hong Kong, China 02A 02A - Financial sector lending/funding HKD
Hong Kong, China 02B 02B - Support policies for long-term lending HKD
Hong Kong, China 02B1 02B1 - Interest rate adjustments HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

No amount/estimate: Under the currency board arrangement, the Base Rate was adjusted downward to 1.5% and 0.86% on 4 and 16 March 2020, respectively, according to a pre-set formula, following the downward shifts in the target range for the United States (US) federal funds rate.

Hong Kong, China 02B2 02B2 - Other policies to support 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) The jurisdictional countercyclical capital buffer was reduced further from 2% to 1% on 16 March 2020. (ii) The implementation of the various requirements under the Basel III framework have also been deferred.

Hong Kong, China 02C 02C - Loan guarantees HKD 70,400,000,000 9,066,206,488 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). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200902/20200902_164321_258.html?type=category&name=covid19 (accessed 4 September 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/09/20200915-7/ (accessed 17 September 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100%, 90% and 80% guarantees from authorities. On 29 May 2020, 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. On 2 September 2020, the period of application was extended to 31 March 2021. On 15 September 2020, the maximum loan amounts were further increased and the repayment period extended from 3 years to 5 years along with a further increase in the total guarantee commitment to HKD70 billion (from the increased HKD50 billion previously and HKD20 billion originally). (ii) 8 June 2020, 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%.

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).

20 May 2020, 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
Mongolia 02B1 02B1 - Interest rate adjustments MNT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Bank of Mongolia. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2552 (accessed 16 July 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2600 (accessed 15 September 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2682 (accessed 24 November 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2706 (accessed 28 December 2020).

No amount/estimate: The BOM reduced the policy rate twice - 11 March 2020 by 100 bps to 10% and 13 April 2020 by 100 bps to 9%. 26 June 2020, BOM announced that it will keep its policy rate unchanged. 14 September 2020, The BOM announced the lowering of its policy rate to 8%. On 23 November 2020, the BOM announced further reduction to 6%. 18 December 2020, The BOM announced that it will keep the current policy rate of 6% unchanged.

Mongolia 02B2 02B2 - Other policies to support long-term lending MNT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Mongolian News Agency. https://montsame.mn/en/read/228302 (accessed 12 June 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/mongolia-government-and-institution-measures-in-response-to-covid.html (accessed 13 June 2020).

No amount/estimate: 18 March 2020, 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 2020, Guarantees to support vulnerable businesses amounting to USD39 million.

People's Republic of China 02 02 - Credit creation CNY 3,123,500,000,000 445,065,208,267
People's Republic of China 02A 02A - Financial sector lending/funding CNY 1,410,000,000,000 200,909,858,702 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); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4065313/index.html (accessed 6 August 2020); PBC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4078434/index.html (accessed 3 September 2020).

(i) Liquidity injection into the banking system via medium-term lending facility totaling of CNY1 trillion since January of this year ; (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; (iii) July 30, PBOC conducted a central bank bills swap (CBS) operation on July 30, 2020 in order to improve the liquidity of bank-issued perpetual bonds, support banks to replenish capital through perpetual bond issuance, and enable the financial sector to better serve the real economy. The operation registered RMB5 billion, with a term of three months and a rate of 0.10 percent; (iv) August 27, PBOC conducted a CNY5 billion CBS operation with a term of three months at a rate of 0.10 percent .

People's Republic of China 02B 02B - Support policies for long-term lending CNY 1,713,500,000,000 244,155,349,565 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); The State The State Council The People's Republic of China. http://english.www.gov.cn/policies/policywatch/202007/02/content_WS5efd1797c6d05a0f89706839.html (accesed 11 July 2020); PBOC. http://www.pbc.gov.cn/en/3688110/3688172/4048269/4106897/index.html (accessed 10 October 2020).
People's Republic of China 02B1 02B1 - Interest rate adjustments CNY 1,500,000,000,000 213,733,892,237 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 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) No amount/estimate: Reduction of the 1-year medium-term lending facility (MLF) rate and targeted MLF rate by 30 and 20 bps, respectively; (ii) No amount estimate: Reduction of the interest on excess reserves from 72 to 35 bps; (iii) 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 ; (iv) 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; (v) No amount/estimate: The one-year interest rate charged by the PBOC's lending to financial institutions that take deposits - called the re-lending rate - decreased by 0.25 percentage point to 2.25 percent (aimed especially at increasing cheaper credit for agricultural and small firms). The rediscount rate dropped by the same extent to 2 percent. The bank also lowered the interest rates of re-lending for financial stability purposes by 0.5 percentage point to 1.75 percent.

People's Republic of China 02B2 02B2 - Other policies to support long-term lending CNY 213,500,000,000 30,421,457,328 The State The People’s Republic of China. http://english.www.gov.cn/policies/policywatch/202011/04/content_WS5fa2016ec6d0f7257693ee35.html (accessed 5 November 2020). The State The People's Republic of China. http://english.www.gov.cn/statecouncil/ministries/202101/26/content_WS600f6b59c6d0f72576944829.html (accessed 29 January 2021).

(i) Flexibility in the implementation of the asset management reform; (ii) 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; (iii) No amount/estimate: tolerance for higher NPLs for loans by epidemic-hit sectors and SMEs and reduced NPL provision coverage requirements; (iv) May 15, The PBOC lowered the reserve requirement ratio (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; vii) September 30, the PBOC and the and the China Banking and Insurance Regulatory Commission (CBIRC) issued the Notice on Establishing Mechanism of Countercyclical Capital Buffer, which shall come into force as of September 30, 2020. It specifies the provision methods, coverage and evaluation mechanism of countercyclical capital buffer in PRC, on the basis of the country’s reality and by referring to international practices as well as the relevant requirements put forward by the Basel Committee on Banking Supervision (BCBS). In the meantime, in line with current systemic financial risk assessments and pandemic containment needs, it is clarified that the ratio for countercyclical capital buffer shall be initially set at zero and banking financial institutions shall be free from extra capital management requirements; (viii) No amount/estimate: October 23, The central government has rolled out measures to level the playing field for private businesses, including steps to lower operating costs and facilitate their investment in a wide range of sectors. Among the measures is the expanding the financing channels for businesses such as manufacturers that lack tangible assets for collateral. Rather than simply pressuring banks to scale up credit supply to private businesses, the guideline has highlighted the importance of a credit financing mechanism that encourages government departments, public institutions and major internet platforms to share companies' credit information with financial institutions. The guideline also said the scope of collateral for private businesses will be greatly expanded; (ix) No amount/estimate: (ix) No amount/estimate: PRC has established a unified national financing registration system that uses movable property and rights as pledges, which is expected to increase loans for small and medium-sized enterprises and improve the overall business environment [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).

vii) September 30, the PBOC and the and the China Banking and Insurance Regulatory Commission (CBIRC) issued the Notice on Establishing Mechanism of Countercyclical Capital Buffer, which shall come into force as of September 30, 2020. It specifies the provision methods, coverage and evaluation mechanism of countercyclical capital buffer in PRC, on the basis of the country’s reality and by referring to international practices as well as the relevant requirements put forward by the Basel Committee on Banking Supervision (BCBS). In the meantime, in line with current systemic financial risk assessments and pandemic containment needs, it is clarified that the ratio for countercyclical capital buffer shall be initially set at zero and banking financial institutions shall be free from extra capital management requirements; (viii) No amount/estimate: October 23, The central government has rolled out measures to level the playing field for private businesses, including steps to lower operating costs and facilitate their investment in a wide range of sectors. Among the measures is the expanding the financing channels for businesses such as manufacturers that lack tangible assets for collateral. Rather than simply pressuring banks to scale up credit supply to private businesses, the guideline has highlighted the importance of a credit financing mechanism that encourages government departments, public institutions and major internet platforms to share companies' credit information with financial institutions. The guideline also said the scope of collateral for private businesses will be greatly expanded.

Republic of Korea 02 02 - Credit creation KRW 3,800,000,000,000 3,114,533,621
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
Republic of Korea 02B1 02B1 - Interest rate adjustments KRW OECD. https://www.oecd.org/coronavirus/en/ (accessed 12 May 2020). FSC. BOK. https://www.bok.or.kr/eng/bbs/E0000634/view.do?nttId=10058434&menuNo=400069 (accessed 28 May 2020).

No amount/estimate: 17 March 2020, 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 28 May 2020, the Base Rate was further reduced by 25 bps to a record low 0.5%, where it has since remained unchanged.

Republic of Korea 02B2 02B2 - Other policies to support long-term lending KRW FSC. http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=152204 (accessed 12 May 2020). FSC. http://www.fsc.go.kr/eng/new_press/releases.jsp?menu=01&bbsid=BBS0048 (accessed 14 August 2020). FSC. https://www.fsc.go.kr/eng/pr010101/75254?srchCtgry=&curPage=&srchKey=&srchText=&srchBeginDt=&srchEndDt= (accessed 5 February 2021)

No amount/estimate: (i) 6 May 2020, 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. (ii) 5 August 2020, The FSC lifted administrative sanctions and granted a 30-day extension on the reporting deadline to companies that applied for sanctions exemptions due to pandemic-related disruptions; (iii) 28 January 2021, the FSC recommends banks to temporarily limit dividends within 20% of their net profits until June 2021 to maintain banks’ loss absorbing capacity in response to the pandemic. [update]

Republic of Korea 02C 02C - Loan guarantees KRW 3,800,000,000,000 3,114,533,621 OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020). FSC. https://www.fsc.go.kr/eng/pr010101/75276?srchCtgry=&curPage=&srchKey=&srchText=&srchBeginDt=&srchEndDt= (accessed 5 February 2021)

(i) 17 March 2020: 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) 19 June 2020, KRW300 billion in guarantees by the Korea Credit Guaranteee Fund as part of a financial aid package for the auto industry; (iii) 2 February 2021, KRW3.5 trillion in guarantees. Each business is eligible for up to KRW300 million each. [update]

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
Taipei,China 02B1 02B1 - Interest rate adjustments 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); Central bank press release. https://www.cbc.gov.tw/en/cp-448-121447-565c9-2.html (accessed 18 September 2020). Central bank press release. https://www.cbc.gov.tw/en/cp-448-124993-f3f34-2.html (accessed 22 December 2020). Central bank press release. https://www.cbc.gov.tw/en/cp-448-128237-ff59d-2.html (accessed 29 January 2021)

No amount/estimate: 20 March 2020, 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%, where it has remained unchanged as of 29 January 2021.

Taipei,China 02B2 02B2 - Other policies to support long-term lending TWD
Taipei,China 02C 02C - Loan guarantees TWD