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Analysts attributed the recent depreciation to the dollar's strengthening during the three-day International Workers' Day holiday, when the onshore yuan trading stopped.

Analysts said that across the banking sector, interest margin and quality assets have been improving for big and small lenders alike, thanks to better macroeconomic environment.

Andrey Denisov, Russian ambassador to China, said Russia, as the sixth-largest trading partner of Shandong, enjoys solid trade ties with the province.

Andrew Yang, a former Democratic presidential contender, tweeted that they are angry that people are dying and the United States is leading in coronavirus cases and deaths "due to a chaotic and uncoordinated response."

Anchored in Shanghai, the company's China unit also manufactures appliances, and ships industrial parts from its Shanghai factory to its global networks, including economies related to the Belt and Road Initiative.