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$400 Billion wiped off China’s stock market due to fear of the Corona Virus
February 04, 2020
On Monday investors in Chinese markets erased $393 billion from the stock list due to fear of Coronavirus and the market has closed nearly down at 8% on the first day after an extended vacation.
The total number of deaths due to Coronavirus in china has risen to 361 by Sunday. Economic growth is affected because the virus is spreading swiftly.
Iris Pang, Greater China economist said, “This will last for some time.”
More than 2500 stocks fell by 10% and the Shanghai composite closed at 7.7% which is lowest since August. China’s central bank has infused 1.2 trillion into money markets to reduce panic. The Yuan began to trade inland at its weakest level this year.
According to the sources, countries like the UK, the USA, Japan, and Australia relocated their citizens from China.
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