Coronavirus: China to pump billions into economy amid growth fears

Coronavirus to impact global economic growth says World Bank President David Malpass

The global growth rate is expected to increase from 2.4 per cent in 2019 to 2.5 per cent in 2020

China's markets open on Monday for the first time after the Lunar New Year holiday was extended due to the virus.

The World Bank said it was "monitoring the wider economic and social impacts of this crisis", and would support "China's efforts to respond, including its efforts to maintain resilience in its economy".

Mainland China's main share benchmark, the Shanghai Composite index, sank 2.8% to 2,976.53 on January 23, its last day of trading before the Lunar New Year. The Shenzhen composite also declined 8.3%.

China's central bank said Sunday it will supply 1.2 trillion yuan (about $173.8 billion) to money markets the following day, as the country's government struggles to combat an outbreak of a new pneumonia-causing coronavirus. All the indices fell almost 9% in early trade.

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"The coronavirus repercussions on the economy mark the latest in a series of setbacks in the economy over the past year, including a handful of bank failures sparking contagion fears, forcing the central bank to become ever more generous with the provision of liquidity to markets".

The total liquidity in the banking system will be 900 billion yuan higher than the same period in 2019 after the injection.

As the coronavirus outbreak continues to claim lives and spreads across the globe, global markets have reacted with alarm. The delay in the resumption of production for much of the world's second-largest economy has ignited fears about a massive impact on global trade affecting the recovery from a prolonged slowdown.

A number of Chinese provinces and cities have also extended the Lunar New Year break until the end of Feb 9, including Shanghai and Guangdong.

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China is now facing mounting isolation as other countries introduce travel curbs, airlines suspend flights and governments evacuate their citizens, risking worsening a slowdown in the world's second largest economy.

The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 23.1 basis points to 2.273 percent on Tuesday.

Government officials said that Hubei, the industrial hub of Wuhan that reported the outbreak of the disease with flu-like symptoms, would further extend the holiday if necessary, according to state-owned newspaper People's Daily. Instead employees are encouraged to work from home.

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