China yesterday reported an uptick in new cases of COVID-19, boosted by more than 200 people testing positive for the disease in two prisons outside of Hubei Province, at the center of the outbreak.
As international authorities attempt to stop the outbreak in China from becoming a pandemic, finance leaders at the G20 meeting in Saudi Arabia this weekend are set to discuss risks to the global economy.
“COVID-19 anxiety has risen to a new level amid concerns of virus outbreaks in Beijing and outside of China,” National Australia Bank Ltd senior foreign-exchange strategist Rodrigo Catril said.
Japan and Singapore are on the brink of recession and South Korea yesterday said its exports to China slumped in the first 20 days of this month, with the outbreak upending global supply chains.
After several days of more encouraging trends in infections, the Chinese Communist Party’s flagship newspaper warned that it would be a mistake to think victory was in sight.
“If we give in to blind self-confidence, the epidemic could rebound and the virus exploit us when we are off guard,” the People’s Daily said.
As G20 finance ministers prepare to meet, the IMF said it was too early to tell what impact the virus would have on global growth.
“We are still hoping that the impact will be a V-shaped curve” with a sharp decline in China and sharp rebound after the containment of the virus, IMF managing director Kristalina Georgieva said.
“But we are not excluding that it might turn to be a different scenario like a U curve where the impact is somewhat longer,” she said.
Meanwhile, the Chinese Ministry of Commerce said that it is looking into more financial measures to support companies.
The government expects to submit its earliest vaccine for COVID-19 for clinical trials in late April, China’s Vice Science and Technology Minister Xu Nanping (徐南平) said.
Fears over the outbreak triggered violence in Ukraine, where residents of a town clashed with police, burned tires and hurled projectiles at a convoy of buses carrying evacuees from Hubei to a quarantine center.
Hundreds of helmeted police and an armored personnel carrier were sent to keep order.
Americans evacuated from China also faced discrimination.
Amy Deng, who underwent home quarantine with her daughter Daisy, 8, said that neighbors had called the police over concerns they would spread the disease.
“People were already panicked, then they made up this rumor and spread it, telling us not to even live in the community,” the 45-year-old Santa Rosa, California, acupuncturist said.
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