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The PBOC said the operation is designed to ease the pressure from tax payments and maintain reasonable and ample liquidity in the banking system.

The Pakistan military led search-and-rescue operations as day broke with fears growing that the death toll may jump again.

The NDRC spokesman said he expected a further rise in clean power output in the coming months, with the country's braced for its seasonal peak electricity consumption period.

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The PBOC decided to cut the reserve requirement to zero in September 2017, when it said the renminbi exchange rate returned to float around an equilibrium level with rational market sentiment.

The Oil Fund's move "is causing a massive price distortion between June and July", he added. WTI for July delivery was changing hands at more than a barrel on Tuesday.

The NG is a version of the popular 737 that has been produced since the 1990s. Boeing is replacing it with the 737 Max, but those planes have been grounded worldwide since March after two crashes that killed 346 people.

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The New York-based investment bank forecasts a rebound in Chinese corporate profits and recommends staying overweight on Chinese equities. The investment term refers to a brokerage recommendation to buy more shares.

The NIM of Bank of China Ltd dropped by five basis points year-on-year to 1.83 percent. To stabilize the margin, BOC has optimized the structure of its assets and liabilities and taken measures to control deposit costs, said Wu Fulin, executive vice-president of the bank.

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The National Exhibition and Convention Center (Shanghai), host venue for the China International Import Expo in Shanghai. [Photo provided to chinadaily.com.cn]

The NDRC announcement said restrictions on foreign ownership in the shipbuilding industry would also be scrapped this year along with curbs on foreign ownership of aircraft-manufacturing firms, including those that make wide-body commercial airliners, regional jets, helicopters, drones and blimps.