Of course the early decision to socialise the risks of bank losses has turned out to be much more of an unnecessarily open-ended gamble than it can have seemed at the time to the decision-makers, blindsided as they were to the lack of well-quantified underpinning of the advice they were being given.
As the pandemic was initially curbed and the orderly resumption of work and production started, the PBC increased the quotas of central bank lending and central bank discounts by RMB500 1/4  BIS central bankers' speeches  billion on February 26, requiring commercial banks to extend loans at rates not higher than the 1year loan prime rate (LPR, which was then 4.05 percent) plus 50 basis points.