Chinese stocks plummeted by the most since an equity bubble burst in 2015 as they resumed trading to the worsening virus outbreak.
The CSI 300 Index dropped as much as 9.1% as onshore financial markets opened for the first time since Jan. 23. More than 2,600 stocks fell by the daily 10% limit. China’s benchmark iron ore contract declined by its daily limit of 8%, while copper, crude and palm oil also sank by the maximum allowed. The yield on China’s most actively traded 10-year government bonds dropped the most since 2014. The yuan tumbled 1% to weaken past 7 per dollar.
(CNN)The United States began implementing stringent travel restrictions Sunday evening in an effort to contain the novel coronavirus outbreak that has so far killed more than 300 people in China and infected more than 16,600 worldwide.
The plan, which went into effect at 5 p.m. ET, includes temporarily denying entry to foreign nationals who visited China in the 14 days prior to their arrival to the United States, Health and Human Services Secretary Alex Azar said Friday.
Coronavirus: China shares in biggest fall in four years – BBC News
Fears over the coronavirus triggered a sharp fall in Chinese shares when the market reopened after the Lunar New Year holiday.
The Shanghai Composite index closed nearly 8% lower, its biggest daily drop for more than four years.
Manufacturing, materials, and consumer goods companies were among the hardest hit, while healthcare shares soared.
The fall came despite China’s central bank announcing new measures to ease the impact of the outbreak.
The People’s Bank of China (PBOC) unexpectedly lowered short term interest rates as part of its attempts to relieve pressure on the economy from the rapidly spreading virus.