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Yi Gang, governor of the People's Bank of China

Financial institutions could sacrifice a part of their profits through interest rate cuts, the monetary policy tools to directly support credit, and the reduction of some service fees, said Yi Gang, governor of the People's Bank of China, the central bank.

"In the second half of this year, the monetary policy is expected to maintain liquidity at a reasonably ample level. For the whole year, new yuan loans are expected to increase by 20 trillion yuan, and the growth of aggregate financing will exceed 30 trillion yuan."

He also mentioned that as an international financial hub, Shanghai can take a step further to free the usage of RMB and achieve the convertibility of capital accounts. "As long as regulatory requirements are met for anti-money laundering, anti-terrorist financing and anti-tax evasion, capital in normal trade and investment can freely float both in and out (of Shanghai)," Yi added.

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