Coronavirus: PBC to Support Chinese Economy, Kyrgyzstan Closes its Border

  • In China, more than 300 people have died from coronavirus.
  • People coming to Kyrgyzstan from China will undergo a medical examination.
  • New Zealand has prohibited arrivals from China and quarantined citizens.

China’s Central Bank intends to support the country’s economy affected by the outbreak of coronavirus. The People’s Bank of China announced on Sunday that it will bring to the markets on February 3 liquidity in the amount of 1.3 trillion yuan (€156 billion). The total liquidity in the banking system will reach 900 billion yuan higher than in the same period in 2019.

The People’s Bank of China (PBC or PBOC) is the central bank of the People’s Republic of China responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by People’s Bank Law and Commercial Bank Law.

Funds will be withdrawn through reverse repos. This is a transaction in which securities are bought, and at the same time, an agreement is concluded to sell them at a predetermined price. Earlier, the People’s Bank of China said it intends to ensure stability in the country’s foreign exchange and financial market amid a coronavirus epidemic.

Growing Number of People Infected or Dead in China

In the Peoples Republic of China, according to authorities, the number of patients who died from coronavirus reached 304 people. A total of 14,300 patients were infected in China. In just one day, from January 31 to February 1, in the crisis province of Hubei, 45 patients died of pneumonia, and more than 2,500 became infected with the virus.

On February 2, the first death of a coronavirus-infected patient outside of China was recorded. A 44-year-old Chinese man from Wuhan who became the victim of infection died in the Philippines. More than 14,500 cases of the disease were recorded in the world, 178 of them outside of China.

Kyrgyzstan Closes Border with China in Connection to Coronavirus

The 2019 novel coronavirus, also known as 2019-nCoV, is the virus causing the 2019–20 Wuhan coronavirus outbreak. The first suspected cases were officially reported to the WHO on 31 December 2019.

People coming to Kyrgyzstan from China will undergo a medical examination. The authorities in Kyrgyzstan decided on Sunday, to temporarily close the border with China and stop air traffic due to an outbreak of coronavirus. At the moment, in Kyrgyzstan, according to authorities, there is not a single case of the disease.

New Zealand joined the emergency measures introduced by the United States and Australia, and also prohibited all foreigners arriving from China from Monday, February 3. Citizens of New Zealand and their families returning home will be quarantined for 14 days. The measure was announced for a period of two weeks, with a review every 48 hours. Authorities are asking their citizens to avoid any travel to China.

For the first time, outside of Hubei Province in Wenzhou City, where 9 million people live, the freedom of movement of residents is limited. Only one family member is allowed to go out once every two days to buy basic necessities; the motorways are blocked. Wenzhou’s Zhejiang Province is China’s second most coronavirus-infected region.

In the city, which is located 800 kilometers from the epicenter of the epidemic, all public events are canceled and all public venues, cinemas, museums are closed. The movement of public transport and intercity buses has also been stopped. Educational institutions remain on vacation until March 1, and enterprises must resume work after February 17.

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Joyce Davis

My history goes back to 2002 and I  worked as a reporter, interviewer, news editor, copy editor, managing editor, newsletter founder, almanac profiler, and news radio broadcaster.

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