Hong Kong (CNN Business) Chinese stocks recorded their worst day in years as investors finally get a chance to react to the worsening coronavirus outbreak. The onshore yuan sank 1.6%, dropping below seven yuan to one US dollar in its first day back from the holiday break. According to Reuters calculations using central bank data, more than 1 trillion yuan worth of other short-term bond agreements will mature Monday. That brings the net amount of cash flooding into the markets down to 150 billion yuan ($22 billion). The central bank will also keep in contact with financial institutions and markets to determine what other policy responses may be necessary, according to Pan Gongsheng, deputy governor of the central bank.

Source: CNN February 03, 2020 01:52 UTC