According to China’s National Health Commission, as of end of February 2, total number of confirmed coronavirus case rose to 17205, with 2296 serious cases. Death tolls rose to 361. Suspected cases rose to 21558. Number of tracked people rose to 189583.
Globally, at least 171 cases were reported in Australia, Britain, France, Germany, Hong Kong, Japan, Russia, Spain, Thailand, Taiwan the United States and 13 other countries. Person-toperson transmission was reported in the US, Germany, Japan, Thailand, Vietnam and South Korea. The Philippines reported the first death outside of China on Sunday.
PBoC unexpectedly lowered interest rates today in response to the crisis in the country. Seven-day reverse repo rate was cut from 2.50% to 2.40%. 14 day tenor was cut from 2.65% to 2.55%. The central bank also injected CNY 1.2T case into the money markets through reverse bond repurchase agreements.
China Shanghai SSE is back from prolonged holiday and is trading down -7.5% at the time of writing. Yuan’s selloff resume today, albeit lower momentum. Further rise is expected in USD/CNH as long as 6.9526 support holds. Sustained trading above the near term channel resistance will confirm completion of the corrective fall from 1.1953 at 6.8452. Further rise should then be seen to 7.0867 resistance next.
