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Analysts surveyed by Dow Jones expected 1.6 million new jobless claims to be filed.

Analysts believe the tax exemption is a bonus for the much anticipated launch of crude oil futures in the country.

Analysts also cautioned that some factors like adverse developments in the China-US trade imbroglio, and a slower-than-expected recovery of the Chinese economy could dim the prospects of the yuan in the short term.

Analysts believe the moves were made to stabilize market expectations as liquidity demand could increase due to taxes and required reserves as well as more maturing securities.

Analysts believe China, with an annual production capacity of more than 25 million metric tons currently as well as a huge hydrogen market demand due to the booming growth of new energy vehicles, has substantial potential in developing hydrogen energy, and China's development of hydrogen industry is also in accordance with the international strategy on energy transmission.