China's central bank unexpectedly lowered the interest rates on reverse repurchase agreements by 10 basis points on Monday, as authorities stepped up measures to relieve pressure on the economy from a rapidly spreading virus outbreak.
Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China.
China's cut to its reverse repo rate should alleviate the shock to the real economy from a virus outbreak and is a good move to stabilize expectations and restore financial market confidence, a central bank adviser said on Monday.
Some Chinese technology firms are continuing to manufacture parts and products despite government calls across various cities and provinces for work to be halted as Being seeks to stop the spread of the coronavirus ravaging the country.
China's securities regulator has urged mutual fund managers not to sell shares unless they face investor redemptions, four sources told Reuters, as the country's stock markets plunged on Monday amid a growing virus outbreak.
What diversification does is reduce volatility. Diversification does indeed smooth out investment returns, but that's a psychological decision, not an investment decision. As a result, asset allocation diversification does not help investment performance, it hurts it.
Airlines are suspending flights to China in the wake of the new coronavirus outbreak, which as of Friday had killed more than 200 people and infected nearly 10,000 people. [nL4N29Z6DC]
Apple Inc on Saturday said it has decided to shut down all of its official stores in mainland China until Feb 9., as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago.
Bankrupt California power producer PG&E Corp said on Saturday it had submitted an updated bankruptcy reorganization plan including a new board of directors and new roles aimed at addressing concerns raised by California Governor Gavin Newsom.
Apple Inc on Saturday said it would shut all of its official stores and corporate offices in mainland China until Feb 9. as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago.
Some biotech firms have been outperforming the market over the past few weeks on their treatment initiatives.
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