Banks in China cut interest rate for small companies in Hubei province
|In further efforts to counter the negative effect of the Chinese coronavirus outbreak in the country, the banks in China cut interest rates for small companies in Hubei province.
Note that Wuhan is in Hubei province, the epicenter of the virus epidemic.
This comes after the People’s Bank of China (PBOC) announced on Tuesday that it would inject "reasonable and sufficient liquidity" in the money market.
China extended the Lunar New Year holiday until February 3rd, in the face of the virus spread.
FX Implications
Meanwhile, USD/CNY extends its recent bullish momentum on the 6.93 handle, as markets re-assess the economic impact of the virus. At the press time, the cross trades flat near 6.9370 amid holiday-thinned markets.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.