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As banking regulators tightened rules on shadow banking and interbank business and launched a new round of inspections on irregular banking activities, China CITIC Bank re-examined its interbank business to ensure it is in compliance with regulatory requirements, in addition to shrinking part of the interbank business that generated low or no profits, said Fang Heying, vice-president of the bank, at a news conference on Tuesday.

As Saturday's 20th anniversary of Hong Kong's return to the motherland approaches, Chinese embassies overseas have been busy celebrating the event.

As an example of "thinking about what offensive tools that we already have and what tools we can develop to play offense", Larsen said that rather than responding to China's Belt and Road Initiative with alarmism, the US should reinvest in existing programs that promote trade, investment and economic diplomacy.

As focus is expected to shift to ensuring healthy growth, the government is taking a drip feeding approach - using multiple tools to ease monetary policy.

As for the exact date for establishing formal diplomatic relations with the Solomon Islands, Hua said the decision will be made when conditions are ripe.