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As of the market close on Wednesday, US stock markets had declined about 30 percent from all-time highs reached less than a month ago. In a surprise Sunday evening announcement, the Fed announced that it would cut its target interest rate to zero and also would carry out a huge 0-billion quantitative easing program. Ordinarily, stock prices would rise in response to such a massive liquidity injection.

As of the end of 2017, the balance of the bank's special-mention loans - potentially weak loans presenting an unwarranted credit risk - accounted for 3.95 percent of the total loan balance, down by 52 basis points from the previous year. The overdue loan ratio was 2.01 percent, down by 64 basis points. The disparity between overdue loans and nonperforming loans was 65.1 billion yuan (.4 billion), dropping by 69.2 billion yuan.

As one of the most important markets for Mercer, China has outpaced other markets in growth. Portalatin said he is confident of Mercer's development because the company has laid a solid foundation for accelerated growth. "We see the China market continue to evolve, continue to grow, continue to give us opportunity for the future," he added.

As part of its heritage protection efforts, the county government pays musicians a subsidy of 300 to 1,000 yuan ( to 0) a month - depending on their skill level - to encourage them to share the traditional art.

As most central banks' reserves are held in dollars, any shift into other currencies, such as the yuan, will come at the expense of the greenback.