More financial support amid virus crisis

Financial institutions are offering more support to help contain the ongoing coronavirus outbreak.

The People's Bank of China’s business management department has called on banks and financial firms to increase funding and make borrowing easier for companies and organizations related to epidemic prevention and control as well as people's livelihoods.

Meanwhile, a "green channel" for the transfer of money should be launched to ensure the rapid and timely arrival of funds for prevention and control of the epidemic. The central bank also noted the necessity of establishing a green channel for more convenient foreign exchange policy during this period.

Banks, financial firms and various financial institutions should also strengthen financial services and security during the epidemic, ensuring a safe and adequate supply of cash and maintaining the security of information systems and networks, the bank said.

The Shanghai office of the China Banking and Insurance Regulatory Commission, meanwhile, has asked companies, institutions and guilds in the banking and insurance industry to establish and improve epidemic prevention and control mechanisms and make targeted operational and contingency plans.

The commission also highlighted ensuring the quality of financial services, especially for medical and scientific research institutions, enterprises involved in epidemic prevention and control, and front-line medical and nursing personnel.

Authorities and businesses should also maintain market order, and strictly prohibit irregularities such as speculation, misinterpretation of policies, misleading sales, slander of competitors, and driving up prices of financial products, so as to maintain a good financial consumption environment.

Financial firms are taking action during the crisis.

Hang Seng Bank in China has waived all service charges for remittance, bank acceptance draft and letter of credit business of corporate clients in connection with the pneumonia epidemic since January 25. The bank has also adjusted the maximum amount of payment system to ensure smooth transfer of funds. 

Shanghai Pudong Development Bank, meanwhile, is also offering support to infected areas, reducing or waiving related service fees, simplifying business processes and opening up fast-track channels.

The bank also supports enterprises in overcoming the impact of the epidemic, giving certain reductions in loan interest rates, improving loan renewal policy arrangements, and increasing credit loans as well as medium- and long-term loans.

HSBC Bank China has taken similar actions, as HSBC China has implemented the exemption of charges for remittances of epidemic-related donations and medical procurement since January 25, and has adjusted the roof of payment amount limit within the bank’s system.

Major entities of HSBC Group in China are donating a total of 7 million yuan in cash and supplies to help contain the pneumonia outbreak. Shanghai Pudong Development Bank and enterprises invested by the its group have announced a cumulative donation of 27 million yuan.