China’s Commerce Ministry: Accelerating plans for further measures to support firms and economy


A spokesman from China Commerce Ministry said on Friday that the government is accelerating plans for further measures to support firms and the economy.

Further comments:

January - February trade hurt by work delay, lockdown, holiday.

Hit on Q1 trade is large but bearable.

2020 trade expected to be in a reasonable range.

Market implications

With risk-off at full steam in Asia amid rising coronavirus fears, the AUD/USD pair hit a fresh 11-year low below 0.6600 while the kiwi is on its way to breach the 0.6300 level. The yen is recovering ground, as USD/JPY extends the drop below 112.00.

The S&P 500 futures are down 0.45% with the Asian equities reporting moderate losses. 

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