Economic impact of coronavirus grips Chinese market

On Monday, China’s commodity and stock markets fell steeply in the first trading session after an extended Lunar New Year break, with investors dumping risky assets in response to heightened fears over the outbreak of the coronavirus across China.

The Shanghai Composite index opened lower by 8% – its lowest level since February 2019.

If these losses are sustained, it would mark its biggest daily fall since 2015.

In the forex market, the renminbi opened at its weakest level this year in onshore trade.

Shanghai traded commodities also fell vertically, in line with other financial markets.

Shanghai copper SCFCv1, Shanghai crude oil ISCCv1, and Dalian iron ore DCIOCv1 all fell by their daily downward limits.

In China’s China’s Hubei province, the death toll from the new coronavirus rose by 56 to 350 on Monday, reported China’s state television.

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