This is a coronavirus update for February 15, 2020.
Who Knew What When?
In an attempt to show he was on top of things, Chinese president Xi claims to have been Fighting Virus Earlier Than Previously Reported.
China’s Communist Party leader, Xi Jinping, issued internal orders about the coronavirus epidemic in early January, about two weeks before his first public remarks on the outbreak, according to a speech by Mr. Xi that was published Saturday.
Is that believable?
If so, that means the government hid concerns for two weeks.
Either way it looks bad to me.
Other News Headlines
-
The U.S. says it will evacuate Americans from the cruise ship quarantined off Japan.
-
France announces the first coronavirus death in Europe and its 12th case.
-
China reports more than 2,000 new cases and 139 deaths, most in Hubei.
-
Africa rushes to train health workers.
-
Protests against coronavirus clinics spring up in Hong Kong. Many of the demonstrators, numbering in the hundreds, were dressed in black, the signature color of the city’s anti-government protests.
-
At least two workers who helped build a new coronavirus hospital in 10 days are infected.
China’s Banks Quarantine or Destroy Cash
The central banking authorities of China are disinfecting, stashing and reportedly even destroying cash in an effort to stop the spread of the coronavirus.
Fan Yifei, deputy governor of the People’s Bank of China, said at a news conference on Saturday that the cash collected by commercial bank
Cash collected from hospitals and food markets must be handled separately and disinfected before depositing the notes to the People’s Bank of China, Mr. Fan said. In severely hit regions, the collected cash must undergo ultraviolet or high-temperature disinfection and be stored for 14 days before going back to the market, he added. In less affected areas, the bank notes must be disinfected and stored for a week before use.
A People’s Bank of China branch in the southern city of Guangzhou is even destroying bank notes that came from hospitals, food markets and public transportation, according to a report by Nanfang, a state-owned outlet in Guangdong Province.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price holds strength ahead of US core PCE inflation
Gold price holds onto gains near $2,200 in Thursday’s European session. The precious metal exhibits firm footing ahead of the United States core PCE Price Index data for February, which will be published on Friday.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.