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PBC to cut reserve requirements for smaller banks in boost for SMEs

China said it will lower reserve requirements for smaller banks by May 15.

That would release $41 billion into the economy.

China’s central bank, the People’s Bank of China, said the move would promote a reduction in financing costs for small and micro enterprises.

The lower reserve requirements will apply to rural banks with assets of less than $1.5 billion, and will affect 1,000 county-level agricultural and commercial banks. (CGTN)

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41 people confirmed dead in plane fire in Moscow's airport

Russia's Investigative Committee confirmed Monday that 41 people were killed after a fire broke out aboard an Aeroflot flight in Russia Sunday.

The committee reported 37 survivors from the 78 people aboard the airliner in an earlier statement.

It was previously reported that the fire could be caused by lightening strike.

The committee has opened a criminal case on violation of safety regulations for air transport and started further investigation of the accident, according to the statement.

Investigators began to interview the victims, eyewitnesses, airport staff and the airline carrier, as well as others responsible for the operation of the aircraft, it said.

The causes and circumstances are being verified and an explicit conclusion will be made after a comprehensive study of the data and documentation is completed, the committee said. (Xinhua)

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Palestine, Israel reach ceasefire agreement following fire exchange

Reports said a ceasefire agreement was clinched between Palestine and Israel early Monday.

This, after a deadly surge in violence in the Gaza Strip and southern Israel over the weekend.

Israel had suspended what Palestinians call an assassination policy in an attempt to lower tensions.

Rockets and missiles from Gaza killed four civilians in Israel, while Israeli strikes killed 19 Palestinians, more than half of them civilians. (CGTN)

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Huawei to build chip plant near Cambridge

Shortly after the UK government’s decision on Huawei’s role in developing the country’s 5G network was leaked, it was also reported the company is planning to open a research and development facility just outside of Cambridge, England.

According to the Financial Times, Huawei’s UK executive team revealed the plan last week. The facility is expected to be operational by 2021 and will create 400 new jobs.

Huawei has already purchased the 550-acre site where it will turn an abandoned factory into its new chip facility, according to Huanqiu.com. The decision is expected to create greater competition among regional semiconductor talents.

Residents in the area remained positive upon hearing the news, FT reported. (People's Daily app)

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Boeing didn't tell airlines that safety alert wasn't on

Boeing admitted it failed to inform airlines or federal regulators that a safety alert in the cockpit of the 737 Max was not working as intended.

This, after airlines had been flying the plane for several months, and after one of those planes had crashed.

This has raised fresh questions about the company's candor with regulators and airline customers.

It is not clear whether having the warning light would have prevented either the Lion Air crash or the March 10 crash of an Ethiopian Airlines Max near Addis Ababa. (AP)

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Extended May Day holiday bolsters tourism: newspaper

This year's extended May Day holiday has boosted tourism as tens of millions of Chinese travelers, youngsters in particular, raced to visit popular destinations at home and abroad, the China Daily reported on Monday.

China saw 195 million tourists during the four-day holiday that ended on Saturday, an increase of 13.7 percent from the previous year, pushing tourism revenue to nearly 118 billion yuan ($17.48 billion), according to statistics released by the Ministry of Culture and Tourism.

The national holiday was extended to four days this year. The adjustment has driven up tourism spending, said the newspaper.

Citing figures from Lvmama.com, a major online tourist agency, the report said that ticket sales for museums, historical towns and similar attractions surged 20 percent during the holiday. (Xinhua)

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Heavy rains to sweep country this week

And China has issued a blue alert for heavy rain.

It was expected to sweep over a vast portion of China from Sunday to Wednesday.

Weathermen said heavy rain is expected to hit southern, southwestern and northwestern regions.

They said rainfall in previous months has loosened soil, and poses a threat to the safety of those areas. (China Daily)

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And that’s People’s Daily Tonight. Thanks for joining us.

(Produced by David Nye, and Wang Xiangyu)