* * * This year marks the 40th anniversary of the reform and opening-up and the 70th anniversary of the founding of the People’s Bank of China (PBC).
Premiums for U.S. dollar funding, which expanded through the increased demand, have declined. Although corporate financing is still stressed, the environment for external funding has remained accommodative. Financial institutions’ lending attitudes have remained eased, and 1/2  BIS central bankers' speeches  issuance conditions for CP and corporate bonds have been favorable, as seen in a narrowing in issuance spreads that expanded temporarily.