PBOC: China fully confident and able to cope with possible impact from coronavirus outbreak on economy
|The People Bank of China (PBOC) offers some conciliatory comments this Friday, as the fears over the coronavirus outbreak return to the markets, with the death toll rising in China.
Key Quotes:
The impact from the coronavirus epidemic on China economy will be temporary.
China’s economy remains resilient, will provide support for financial markets.
China is fully confident and able to cope with possible impact from coronavirus outbreak on the economy.
Market Implications:
The virus has killed more than 600 people and infected tens of thousands in the world’s second-largest economy, China while its negative economic impact is now being felt across the border.
Japan’s Economy Minister Nishimura acknowledged that in the last hour while the Reserve Bank of Australia (RBA) Governor Lowe said that the coronavirus risks to the Aussie economy are bigger than they were during SARS.
Markets have turned risk-averse, reflective of the weakness seen in the Asian equities and Treasury yields, which benefits the safe-havens in the yen and gold.
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