Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (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. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (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. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (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 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 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 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 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. On September 2, the period of application was extended to March 31, 2021. On September 15, 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) 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 03 03 - Direct long-term lending HKD
Hong Kong, China 03A 03A - Long-term lending HKD
Hong Kong, China 03B 03B - Forbearance HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/08/20200805-4/ (accessed 14 August 2020). Reuters. https://www.reuters.com/article/us-hongkong-economy-hkma/hong-kong-extends-loan-repayment-holiday-for-small-businesses-idUSKBN25T1QY?il=0 (accessed 2 September 2020).

No amount/estimate: Other measures by banks to the extent permitted by their risk management principles, including delay of loan payment, extension of loan tenors, and principal moratoriums for affected SMEs, sectors, and households as appropriate.This includes a pre-approved principal payment holiday for corporates and residential mortgages announced on April 17. On August 5, The HKMA announced a 90-day deferral of payments for trade facilities under the Pre-approved Principal Payment Holiday Scheme. On September 2, The HKMA extended the suspension of principal payments for small companies until April 30, 2021.

Hong Kong, China 04 04 - Equity support HKD 19,500,000,000 2,511,236,172 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (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 05 05 - Health and income support HKD 298,070,000,000 38,385,854,657
Hong Kong, China 05A 05A - Health support HKD 30,000,000,000 3,863,440,265 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

Establishment of a new Anti-Epidemic Fund (HKD30 billion or 1% of gross domestic product [GDP]) to enhance anti-epidemic facilities and services.

Hong Kong, China 05B 05B - Income support HKD 268,070,000,000 34,522,414,393 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200602/20200602_205003_920.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200608/20200608_192340_279.html?type=category&name=covid19 (accessed 11 June 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200701/20200701_103654_754.html?type=category&name=covid19 (accessed 3 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_102820_957.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200708/20200708_182259_512.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200710/20200710_171954_233.html?type=category&name=covid19 (accessed 16 July 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/07/20200728/20200728_174801_237.html?type=category&name=covid19 (accessed 14 August 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200916/20200916_144229_043.html?type=category&name=covid19; https://www.news.gov.hk/eng/2020/09/20200921/20200921_121022_367.html?type=category&name=covid19(accessed 24 September 2020). News.gov.hk. https://www.news.gov.hk/eng/2020/09/20200925/20200925_151755_190.html?type=category&name=covid19 (accessed 2 October 2020).

(i) Tax and fee reliefs and other one-off relief measures (HKD79.5 billion or 2.8% of GDP); (ii) Cash payout to permanent residents aged 18 or above (HKD71 billion or 2.5% of GDP); (iii) Employment subsidy scheme (HKD80 billion or 2.8% of GDP); (iv) Sector-specific relief measures (HKD21 billion or 0.7% of GDP); (v) Temporary job creation (HKD6 billion or 0.2% of GDP); (vi) cash payouts to permanent residents aged 18 and above (HKD71 billion or 2.5% of GDP). (vii) No amount/estimate: June 2, Introduction of a subsidy scheme for employment agencies that provide foreign domestic helper placement services from the Anti-Epidemic Fund. (viii) June 8, Authorities announced further support for the travel industry by enhancing the Green Lifestyle Local Tour Incentive Scheme (increased funding of HKG50 million) and extending the subsidy initiative for tourist guides (for 6 monyhs until April 27, 2021). (ix) HKD6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. (x) July 8, HKD1.02 billion for the Convention & Exhibition Industry Subsidy Scheme under the Anti-epidemic Fund which provides a 50% subsidy for participation fees in exhbitions organized by the the Hong Kong Trade Development Council. (xi) No amount/estimate: July 8, Increased rental concessions for eligible tenants from 50% to 75% through September, extended the measure’s scope to cover more businesses, and provided full rental waivers for businesses that have had to completely cease operations due to anti-epidemic measures during the closure period. (xii) No amount/estimate: July 10, Announced an additional HKD6,000 ex-gratia payment under the Anti-epidemic Fund to public rental housing applicants who have accepted advance allocation offers for Fai Ming Estate in Fanling and Chun Yeung Estate in Fo Tan. (xiii) July 28, Authorities announced a 2-month waiver for public rental housing tenants worth HKD3.5 billion for the months of September 2020 and 2021 along with a 9.66% rent increase. (xiv) September 16, Authorities announced further rent relief and enhanced concessional rates to non-domestic tenements for the third and fourth quarters of 2020-2021. On September 21, the Hong Kong Housing Authority also announced extended rent concessions for non-domestic tenants by another 6 months from October 1. (xv) September 25, Authorities opened applications for salary subsidies for new positions that aim to create 1,500 new jobs in the financial services industry.

Hong Kong, China 06 06 - Budget reallocation HKD
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
Hong Kong, China 08 08 - International Assistance Received HKD 77,651,000,000 10,000,000,000
Hong Kong, China 08A 08A - Swaps HKD 77,651,000,000 10,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020).

USD10 billion obtained by the HKMA from the US Federal Reserve's new FIMA temporary repo facility.

Hong Kong, China 08B 08B - International loans/grants HKD
Hong Kong, China 08B1 08B1 - Asian Development Bank HKD
Hong Kong, China 08B2 08B2 - Other HKD
Hong Kong, China 09 09 - International Assistance Provided HKD
Hong Kong, China 09A 09A - Swaps HKD
Hong Kong, China 09B 09B - International loans/grants HKD
Hong Kong, China 10 10 - No breakdown HKD 114,000,000,000 14,681,073,006 HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).

The HKMA provided: (i) HKD93 billion worth of payment extensions to corporate customers through (a) repayment period extension for the transportation sector; (b) trade financing lines converted into temporary overdraft facilities; (c) accounts receivables loans offered to retail sector; (d) pre-approved principal payment holiday scheme covering 80% of corporate borrowers; and (e) special 100% loan guarantee fund; and (ii) HKD 21 billion worth of relief measures for individual customers through (a) principal repayment holidays for residential mortgages; (b) relief loans offered to employees of affected sectors; (c) extension of loan tenor for personal lending; and (d) reduction of credit card charges.

Hong Kong, China 11 11 - Other Economic Measures HKD
Hong Kong, China 12 12 - Non-Economic Measures HKD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 27 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/new-virus-cluster-spurs-hong-kong-to-extend-border-curbs-and-limit-on-gatherings-idUSKBN2390LS?il=0 (accessed 5 June 2020). SMCP. https://www.scmp.com/business/companies/article/3087908/hong-kong-relax-quarantine-rules-largest-listed-firms-such (accessed 9 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong/hong-kong-tightens-social-distancing-again-as-coronavirus-cases-rise-idUSKCN24E1L5?il=0 (accessed 14 July 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong-masks/hong-kong-mandates-masks-in-all-indoor-public-areas-idUSKCN24N0MB?il=0 (accessed 23 July 2020). Reuters. https://newsinfo.inquirer.net/1313249/hong-kong-to-ban-dining-in-public-gatherings-of-more-than-two (accessed 28 July 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/coronavirus-hong-kong-reverses-virus-ban-on-restaurant-dining (accessed 31 July 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-hongkong-singapore/hong-kong-singapore-to-allow-travel-to-each-other-without-quarantines-from-november-22-idUSKBN27R0B2?il=0 (accessed 11 November 2020). The Straits Times. https://www.straitstimes.com/asia/east-asia/travel-bubble-flights-between-singapore-hong-kong-postponed (accessed 22 November 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. (xii) July 23, Authorities expanded stricter containment measures including mandatory mask-wearing in all indoor public areas including malls and markets. As of July 28, Authorities further tightened restrictions with a ban on dine-services at restaurants and limiting public gatherings to no more than 2 people. The ban on dine-in services was later modified to a restriction to 50% capacity. (xiii) November 11, Hong Kong, China and Singapore authorities annouced the resumption of travel between the two cities without mandatory quarantine on November 22 following a previous travel bubble announcement. On November 21, Authorities announced the suspension of the travel bubble following escalating cases in Hong Kong, China. [upddate]

Japan 01 01 - Liquidity Support JPY 99,500,000,000,000 927,368,350,975
Japan 01A 01A - Short-term lending JPY 99,500,000,000,000 927,368,350,975 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200522a.pdf (accessed 26 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200616b.pdf (accessed 16 June 2020).

(i) No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates. On May 22, the BOJ stated it is providing ample yen and foreign currency funds without setting upper limits including the conduct of the U.S. dollar funds-supplying operations. As of June 16, JPY60 trillion has been provided under special funds-supplying operations. (ii) March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper with an upper limit of JPY2 trillion. On April 27, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion. (iii) May 22, JPY30 trillion for a new fund-provisioning measure to support financing of SMEs.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020); https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 12 May 2020). https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 11 June 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel200909a.pdf (accessed 9 September 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201009a.pdf (accessed 28 October 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201109a.pdf (accessed 12 November 2020).

No amount/estimate: (i) Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement. (ii) April 27, The Bank of Japan (BOJ) strengthened its special funds-supplying operations by (a) expanding the range of eligible collateral to private debt in general, including household debt, and (b) increasing the number of eligible counterparties (to mainly include member financial institutions of central organizations of financial cooperatives). (iii) May 8, Decreased the Benchmark Ratio used to calculate the Macro Add-on Balance in financial institutions' current account balances at the BOJ (to which 0% interest rate is applied) for the May 2020 reserve maintenance period from 32.5% to 30%. On June 9, Decreased the Benchmark Ratio to 28.5% for the June 2020 reserve maintenance period. On July 9, the Benchmark Ratio increased to 31.5% for the July 2020 reserve maintenance period. On August 7, the benchmark ratio decreased to 29.0% for the August 2020 reserve maintenance period. On September 9, the benchmark ratio decreased further to 24.0% for the September 2020 reserve maintenance period. On October 9, the benchmark ratio declined to 20.5% during the October 2020 reserve maintenance period. On November 9, the benchmark ratio declined to 15% during the November 2020 reserve maintenance period.

Japan 01C 01C - Forex operations JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).

No amount/estimate: (i) The exchange rate has been allowed to adjust flexibly. (ii) See (i) May 22 in Measure 1A.

Japan 02 02 - Credit creation JPY 10,500,000,000,000 97,862,991,811
Japan 02A 02A - Financial sector lending/funding JPY 10,500,000,000,000 97,862,991,811 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 26 May 2020).

March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of corporate bonds with an upper limit of JPY3 trillion, respectively. On April 27, the maximum amount of additional purchases of corporate bonds was increased to JPY7.5 trillion.

Japan 02B 02B - Support policies for long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020).

No amount/estimate: (i) The government expanded the volume of concessional loan facilities (interest free without collateral) primarily for micro, small, and medium enterprises affected by COVID-19 through the Japan Finance Corporation and other institutions; (ii) The government will also enhance access to loans with the same conditions from local financial institutions, such as local banks; (iii) To support borrowers during this period of stress, the Financial Services Agency has reassured that banks can assign zero risk weights to loans guaranteed with public guarantee schemes, use their regulatory capital as needed to support funding of affected businesses, and draw down their capital conservation and systemically important bank buffers to support credit supply; (iv) April 27, In relation to Measure 1B, the BOJ applied a positive interest rate of 0.1 percent to the outstanding balances of current accounts held by financial institutions at the Bank that correspond to the amounts outstanding of loans provided through special funds-supplying operation.

Japan 02C 02C - Loan guarantees JPY Nikkei Asian Review. https://asia.nikkei.com/Economy/Nissan-s-record-loan-guarantee-spotlights-lack-of-transparency?utm_campaign=RN%20Free%20newsletter&utm_medium=JP%20update%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=4&pub_date=20200908090000&seq_num=2&si=02106253 (accessed 8 September 2020).

No amount/estimate: As of July 2020, loan guarantees from the Japan Finance Corp. for JPY130 billion in emergency response loans extended by the Development Bank of Japan to Nissan Motor between March and July.

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020)

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19; see Measure 5).

Japan 03B 03B - Forbearance JPY
Japan 04 04 - Equity support JPY 12,180,000,000,000 113,521,070,501 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 6 May 2020).

An increase in the annual pace of the Bank of Japan’s purchases of Exchange Traded Funds (ETFs) and Japan-Real Estate Investment Trusts (J-REITs) up to about JPY12 trillion (2.2% of GDP) and JPY180 billion (0.03% of GDP), respectively.