Chinese Central bank injects $173 billion into economy amidst Coronavirus outbreak

China's central bank has said on February 2 that it will pump $173 billion into ecomy to help fight nationwide outbreak of Coronavirus. As deadly virus claims more than 300 lives with nearly 14,000 confirmed cases in China, People's Bank of China released a statement which said that it would launch 1.2 trillion yuan reverse purchase operation to maintain 'reasonable abundant liquidity' in banking system. 

In order to furr stabilise currency market as  nation deals with epidemic, banking system would be 900 billion yuan more than it was in same period last year. anunced move will kick in day China's financial markets reopen after an extended Chinese Lunar Year holidays. 

A day before, China's Central bank also anunced ar range of measures to ramp-up monetary as well as credit support to enterprises which are currently contributing to battle against 2019-nCoV including medical companies. 

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Furrmore, PBOC also urged financial institutions to provide 'sufficient credit resources' to hospitals along with or medical facilities. latest development of injecting liquidity into financial system came after Coronavirus outbreak took a toll on an already slowing ecomy. 

According to international reports, China's ecomic growth last year was slowest in last three decades with only 6.1 per cent. Moreover, virus outbreak could furr slow down ecomy if it goes on for an extended period of time. 

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US ready to house 1000 quarantines

As WHO has already deted  Coronavirus outbreak a 'global health emergency', countries around globe are stepping up ir health security. United States t only declared an 'emergency' and imposed a travel ban to China in order to contain spread but recently, country's defence department also anunced that it would provide accommodation to 1,000 people if y need to be quarantined because of deadly coronavirus outbreak. Several facilities capable of housing at least 250 people in individual rooms will be made available for suspects or patients until February 29.  

US was also one of countries which have been isolating citizens who travelled to Chinese city of Wuhan which has also been identified as epicentre of outbreak. According to reports, two US Air Force bases in California and Texas along with Marine Corps air station in California and a training institute in Colorado will be offered by department in case of need.  

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(With ncy Inputs)