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As part of the monetary policy operational framework, the PBOC has been opting for targeted measures since 2017, including the targeted RRR cut, to guide funds into the most needy sections of the real economy to shore up higher-quality growth, without injecting excessive money.

As it attracts more members throughout Latin America, the BRI is shifting its approach away from unilateral funding of projects and toward more partnerships with multilateral and local institutions.

As one of the country’s economic powerhouses, Guangdong, home to a myriad of foreign-funded companies, joint ventures and privately-run firms, has the country’s largest number of migrant workers.“And that is why Guangdong’s cases involving back pay have represented a big percentage of the country’s total,” Tan said.

As much as 90 percent of intra-regional trade in goods will be made tariff-free when the agreement is implemented. Policy measures will be swiftly formulated in terms of tariff concessions, simplified customs clearance procedures, technical preparations for rules of origin and harmonization and the mutual recognition of product standards. Customs clearance within six hours will be made possible for express delivery and perishable goods.

As no reverse repos matured, there is no net liquidity withdrawal from or net liquidity injection into the banking system on Wednesday.