China's central bank announced plans to inject more than $170 billion into the economy to cushion the shock to financial markets from the outbreak of a new virus when trading resumes on Monday after a prolonged Lunar New Year holiday.
FILE - In this Jan. 16, 2020, file photo, an investor monitors stock prices at a brokerage in Beijing. Several factors are pointing to a possible rebound in emerging market stocks this year. Stocks in China and other developing economies notched solid gains in 2019, but lagged the blockbuster market returns delivered by publicly traded companies in the U.S. and other developed economies.
The People's Bank of China announced several measures over the weekend aimed at stabilizing the economy as the impact of the virus spreads with cancelled flights, stepped up quarantines and other controls. In a separate statement Saturday, the PBOC said that while markets would reopen, financial institutions should follow local quarantine regulations and try to minimize gatherings to reduce risks of spreading the virus, which has infected more than 14,000 people and killed more than 300.Regulators have also urged banks and other financial institutions to boost lending and avoid calling in debts in areas severely affected by the pandemic.
Mainland China's main share benchmark, the Shanghai Composite index, sank 2.8% to 2,976.53 on Jan. 23, its last day of trading before the Lunar New Year.
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