(Yicai Global) May 31 -- The Shanghai office of the China Banking and Insurance Regulatory Commission said it will assist the orderly resumption of work at banks and insurers in the city and urges them to help companies in key fields as they restart following a two-month lockdown.

The regulator told Yicai Global that it is calling on financial institutions to focus on serving clients in the key areas of Covid-19 prevention and control, goods supply and foreign trade.

The CBIRC’s local branch will also champion the introduction of financial products mainly guaranteed by export tax rebate pledges to help small- and mid-sized foreign trade companies. The products were jointly developed by the Shanghai branches of the Export-Import Bank of China and China Export & Credit Insurance, and the Shanghai Municipal Tax Service.

The Exim Bank’s Shanghai office has issued CNY5 billion (USD750 million) of financial bonds with a yield of 1.74 percent to help the city overcome Covid-19 and promote the resumption of work and production.

The bank also set up a CNY70 billion (USD10.5 billion) special quota for foreign trade firms’ import and export businesses, trade, and inclusive finance, aimed at lowering corporate financing costs with preferential interest rate loans and shoring up key firms.

Editors: Xu Wei, Futura Costaglione