China to pump billions into economy amid growth fears

China to pump billions into economy amid growth fears

China is to pump a net 150 billion yuan ($22bn; £16.3bn) into its economy on Monday to help protect it from the impact of the coronavirus outbreak.

China’s central bank said the move would ensure there was enough liquidity in the banking system and help provide a stable currency market.

The virus has so far infected more than 14,000 people and claimed 305 lives – all but one inside China.

The money will be deployed when China’s markets reopen on Monday.

It comes after a holiday to mark the Lunar New Year was extended in the hope of reducing the spread of the virus.

Financial regulators in the country have said they believe the impact on China’s already slowing economy will be “short term”.

Up Next:

Coronavirus details show challenge health officials face in containing outbreak

Coronavirus details show challenge health officials face in containing outbreak