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.

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.

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