First, we cut our policy rate by a cumulative 200 basis points to a record low of two percent, which helped stimulate provision of credit to productive activities. We also reduced our reserve requirement against deposit and deposit substitute liabilities.
For universal-commercial banks and non-bank financial institutions with quasi-banking functions (NBQBs), we reduced the reserve requirement from 14 percent to 12 percent effective 3 April 2020. For thrift banks and rural/cooperative banks, we reduced it from 4 percent to 3 percent effective 31 July 2020.