China quarantines cash in coronavirus-hit areas to prevent spread of deadly disease

Stepping up efforts to contain outbreak of vel coronavirus in country, China has begun to quarantine large quantity of bank tes in affected areas and temporarily store some of it in warehouses to ensure that disease does t spre through cash, a Chinese official said on Saturday.

Fourteen-day quarantine has become a rm among people people showing symptoms of COVID-19 in China and many parts of world since virus started spreing. Experts have been asking people to frequently wash hands and face besides wearing masks as basic measure to prevent its spre.

death toll in epidemic climbed to 1,523 with 143 new fatalities reported mostly from worst-affected Hubei province, while confirmed cases jumped to over 66,000, Chinese health officials said on Saturday.

Fan Yifei, vice-goverr of People's Bank of China, said money supply in country would be ensured, with four billion yuan (USD 572 million) in new bank tes alrey allocated to Hubei province, epicentre of virus, before Spring Festival holiday.

Fan said central bank would temporarily store bank tes from major government institutes or state enterprises in warehouses to prevent disease spreing through handling of cash. Banks have also been told to sanitise tes before giving m to enterprises, Fan said.

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Fan said cash from hospitals and wet markets were being stored and bank tes and coins sanitised with UV light before y were released back into circulation, Hong Kong-based South China Morning Post reported on Saturday.

movement of banktes between major government institutions and enterprises has also been suspended in epidemic-hit areas in a bid to prevent spre of disease.

Fan said central bank has paid great attention to prevent spre of disease through circulation of cash and would also encour people to use online banking services, e-shopping and online utility payments. Fan said bank was also ensuring stable operation of financial system in China. Clearing companies and financial institutes were cutting handling fees for donations to charitable organisations, he said.

epidemic would t cause large-scale inflation in China as government was managing cash flow and supply of commodities, Fan said.

Liang Tao, vice-chairman of China’s Banking and Insurance Regulatory Commission, said banking system has also set aside 537 billion yuan (76.8 billion USD) to provide credit support for local enterprises and government institutions to fight epidemic. Banks h also been told to postpone business loan repayments, Post report said. 

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