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The move is being seen as a signal of the further opening-up of China’s financial sector, following an announcement last May that the country’s credit rating services would be improved.

The most active construction steel rebar contract for October delivery was up 19 yuan (.7) to close at 3,634 yuan a ton.

The moderation in liquidity injection eases concerns that authorities may try to stimulate the economy with an oversized credit injection and put the economy back on the path of debt-fueled growth, a major risk to the stability of the banking system, said Nicholas Zhu, an analyst with Moody's Investors Service, a global credit ratings agency.

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The municipal meteorological observatory issued a blue alert for typhoon and storms Monday noon, but upgraded the alert to orange at around Tuesday noon.

The much-awaited license, which attracted more than 30 city-wide applications last year, allows institutions to offer services online instead of operating brick and mortar branches.

The move also makes it the latest Chinese mainland "unicorn"－startups with a valuation in excess of billion－to go public in Hong Kong this year. Xiaomi is looking to raise funds through its Hong Kong float on July 9, but has put off plans for a China Depository Receipts issue on the mainland.

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The move marks an accelerated push by China to apply 5G. Its previous plan was to commercialize the technology in 2020. The next-generation tech is expected to be at least 10 times faster than 4G and its huge capacity to connect things will enable smart factories, self-driving vehicles and other applications.

The move came as China is charging ahead with its multibillion-dollar BRI, which aims to inject new momentum for the development of less-developed western China.

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The move comes as instant-messaging apps and illegal telecom technology are increasingly being used to swindle citizens. In 2017, there were more than 596,000 cases of telecom and internet fraud in China, causing economic losses of 13.1 billion yuan (.9 billion), according to data from the Ministry of Public Security.

The more merchants are accelerating digital transformation to improve the consumption experience during the "Double 11" event, the greater the momentum for the consumer market to continue its improvement.