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Analysts believe the moves were made to stabilize market expectations as banks' liquidity demand could increase due to taxes and required reserves as well as more maturing securities.

And asked on Tuesday whether Trump plans to get tougher on China or on automakers who leave the US, White House Press Secretary Sean Spicer said the president wants to lower business taxes and reform the tax code so businesses will want to "come back to the United States, grow in the United States, manufacture more in the United States."

An online cooking workshop Chinese Dining Hall, launched on April 9 by the China Culture Center in Cairo and China Radio International, has ignited people's interest and appetite for Chinese dishes.

Analysts, however, cautioned about the downside risks from the COVID-19 epidemic and a potential sluggish recovery in demand. External demand could be hit by a worsening global pandemic or rising Sino-US trade friction, while the difficulties faced by small businesses could weigh on employment and domestic demand.

Analysts believe the slowdown reflects the fact that the Chinese economy is shifting from the energy intensive industry to service industries with lower energy intensity.