While
China seems to be recovering faster than other major economies, the People Bank
of China decided to cut bank rates to stimulate the economy after the hard hit of
the coronavirus outbreak.

The
PBOC opted to cut its seven-day reverse repo rate
to 2.2 percent from 2.4
percent, easing monetary policy by making the strongest cut in five years.

By
charging lenders lower interest rate on short-term loans, the Chines central
bank aim to support the banking sector, which in turn should help affected
firms.

Out
of 81,470
coronavirus cases in China, 75,700 managed to recover,
noting that it has lately added 31 new cases and 4 deaths.

The
onshore yuan was 0.03 percent up at 7.0923 per dollar, as of 08:11 GMT.

China
CSI 300 index fell 0.97 percent to finish at 3,674.11
points on Monday,
where Asian stocks ended trading today on a mixed note.

This week, China will
publish its manufacturing and services data for March, which will track the economic
damage caused by the Covod-19 spread.

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