The move is offset by the same amount of maturing reverse repos, which means market liquidity remains intact.
The move will release 550 billion yuan of long-term funds, it said.
The move is part of China's broader efforts to revive economic activities as the novel coronavirus outbreak comes under control in the country.
The nation's death toll from the virus on Thursday stood at 12 — 11 in the Seattle area of Washington state — and the number of states reporting confirmed cases was 18.
The move makes Hainan the ninth region to adopt such a policy, joining Beijing, Shanghai, Tianjin, Guangzhou and Shenzhen in Guangdong province, Guiyang in Guizhou province, Hangzhou in Zhejiang province, and Shijiazhuang in Hebei province.
The move comes after China cut about 1.3 trillion yuan in taxes and fees last year, including the value-added tax, individual income taxes and corporate income taxes for small and medium-sized firms.
济南微创人流手术大概多少钱
The move follows Trump's recent tariff plan on steel and aluminum imports and January's tariffs levied on imported solar panels and washing machines, which have been chided by business groups as an act of protectionism.
The move is part of the "toilet revolution" ongoing in China's tourist industry since 2015 that bids to provide tourists with modern and clean toilets.
The most timely and helpful measure is phasing out the employment permit requirement for Hong Kong people working on the mainland, explains Kuo Wai-keung.
The most active cotton contract for January 2021 delivery gained 115 yuan (.58) to close at 12,920 yuan per ton.