BEIJING: China's central bank said on Sunday (Feb 2) it would pump 1.2 trillion yuan (US$173bil) into the economy as it ramps up support for a nationwide fight against a deadly virus that is expected to hit growth.
The People's Bank of China said in a statement it would launch a 1.2 trillion yuan reverse repurchase operation on Monday to maintain"reasonable and abundant liquidity" in the banking system, as well as a stable currency market, during the epidemic.
The SARS-like virus which originated from the central Chinese city of Wuhan, has now infected over 14,000 people in the country and claimed more than 300 lives. Authorities also relaxed tariffs on goods imported for use in the virus fight -- including those from the United States, with which it has been engaged in a bruising trade war for around two years.
China has advised its citizens to postpone trips abroad and cancelled both overseas and domestic group tours. Manufacturing has also been halted Taiwanese tech giant Foxconn is keeping its factories in China closed until mid-February, allowing more local employees to delay their return after the new year break.
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