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Analysts said the coordinated move by the regulators is the latest evidence of a tougher crackdown on irregular activities in the country's financial sector as the government has made curbing financial risks one of its key tasks.

Analysts say the interest rate reform will lower financing costs for small and private companies and encourage investment in the manufacturing sector.

Andrew Karolyi, a finance professor at Cornell University, said Trump's action appears to conflict with the 1988 Omnibus Foreign Trade and Competitiveness Act.

And the benefits are particularly concrete under current situation when the pandemic is still raging. If e-learning becomes a norm in the next few years, it may lead to restructuring, reform and reinventing in teaching and learning, Watkins said.

Analysts on average were expecting total revenue of .7 billion, according to Thomson Reuters I/B/E/S.