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China injects €156 billion into economy

China injects €156 billion into economy

The Chinese central bank announced it will inject 1,200 billion yen (156 billion euros) into the Chinese economy, which is struggling because of the viral pneumonia epidemic.

The transfer will take place on Monday, when the Chinese financial markets will reopen after the long Lunar New Year holiday. The holiday was extended because of the coronavirus.

The bank issued a press release that explained the investment will help to maintain “reasonable and abundant solvency” for the banking system and help keep the trade market stable.

The bank had already announced there would be a series of new measures to provide credit to businesses that are helping fight the corona virus on Saturday.

The epidemic, that has infected 14,000 people and killed 300, has paralysed large parts of the Chinese economy as the terrified population has preferred to remain at home.

Monday’s reopening of the Shanghai and Shenzhen squares, which were closed for 10 days just before the quarantine of the central Chinese city of Wuhan, could see the indicators drop.