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The OECD urged governments to use all policy tools at their disposal.

The Ministry of Finance vowed on Monday to continue implementing tax and fee cut policies this year and research new measures to ease the tax burden of enterprises affected by the novel coronavirus outbreak.

The Ministry of Housing and Urban-Rural Development holds a news conference on Oct 16, 2020. [Photo/chinadaily.com.cn]

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The PBOC decided Friday to cut the reserve requirement ratio (RRR) by 1 percentage point in a move to increase loan funding sources of small, micro, and private businesses.

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The National Bureau of Statistics is to release economic data of China during the first six months on Thursday.

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The PBOC also lent 400 billion yuan (.92 billion) to financial institutions through the MLF tool, slightly less than a batch of MLF loans worth 403.5 billion yuan due to mature on Tuesday.

The PBOC also said it will optimize financing and credit structure by promoting direct financing.

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The Nasdaq lost 119 points, or 1.7 percent, to 6,908.

The PBOC is one of the first central banks to explore, study and experiment in digital currencies. It launched a specialized research institution in 2016.