Passenger travel would likely fall 45% on-year during the 40-day travel season that ends Feb. 18, Liu Xiaoming, a vice minister at the transport ministry, said at a briefing in Beijing Saturday. Between Jan 25. and Feb. 14, airlines carried an average of 470,000 people a day, only a quarter of last year’s volume. Passenger numbers from Feb. 15-23 are estimated to be one 10th of the peak period, said Li Jian, deputy head of the Civil Aviation Administration of China.

The People’s Bank of China offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points to 3.15%, the lowest since 2017. The central bank also added 100 billion yuan of funds via 7-day reverse repurchase agreements, resulting in a net 700 billion yuan withdrawal of money from markets as some 1 trillion yuan of reverse repos matured on Monday.

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