PBoC injects 1.2 trillion yuan as markets plunge
Chinese central bank eases to support economy as coronavirus spreads; Q1 GDP growth could drop to 4%
China’s central bank conducted a series of easing measures on February 3, as stock markets plunged and growth was projected to drop to a record low in the first quarter due to the coronavirus outbreak.
The People’s Bank of China injected 1.2 trillion yuan ($174 billion) into the markets through reverse repo operations. Despite announcing the injection plan over the weekend, China’s stock markets plunged about 8% today, on their first opening day after an extended closure.
The injection is to
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