The move is a follow-up step of the two parties' decision to increase capital for their joint venture in late May.
The move is part of efforts to transform government functions, streamline administration and enhance governments' service delivery.
The move is also expected to offset the influence of the US government's restrictions over the use of Google's Android operating system in smartphones and other hardware.
The move was intended to maintain a stable liquidity level as tax payments and maturing MLF and reverse repos have led to a large decline in liquidity in the banking system, the PBOC said in the statement.
The move aims to offset the impact of reverse repos maturing and the concentrated maturing of financial market funds and to keep liquidity in the banking system at a reasonably sufficient level in the epidemic control period, according to a statement on the website of the central bank.
The move resulted in fierce debate on both sides.
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The move aims to protect local residents by preventing the spread of COVID-19 in the country's most populous region, she said.
The move aimed at keeping liquidity in the banking system at a reasonably sufficient level before the Spring Festival, according to a statement on the website of the PBOC.
The monsoon season during June-September with torrential rains are often blamed for collapse of dilapidated and illegally built buildings in India. Last month, over a dozen people died after a building collapsed in the industrial town of Mahad, 165 km south of Mumbai.
The money politics has made American economic policies over the last 40 years "strongly reflect the preferences of the most affluent, but bear virtually no relationship to the preferences of poor or middle-income Americans," said the report.