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China’s deadly coronavirus outbreak has been met with a wide-ranging response from policy makers seeking to cushion the economy, support financial markets and bolster investor confidence. Here’s a look at some of the steps taken, along with market reaction.

Saturday, Feb. 1

COUNTERING CORONAVIRUS: China’s central bank and regulators across the foreign exchange, securities, banking and insurance sectors issue more than 30 supportive measures to counter the impact of the coronavirus outbreak. Among them:

  • Provide banks 300 billion yuan ($39.7 billion) for relending
  • Extend grace period on new asset management rules for some firms
  • Lower lending rates and fees for companies most affected by the outbreak
  • Allow some insurers to raise their investment in equities from existing cap
  • Permit some share-pledge contracts to be extended by as long as six months
  • Open “green channels” for issuing bonds related to fighting the outbreak

Monday, Feb. 3

LIQUIDITY: The People’s Bank of China adds a net 150 billion yuan to money markets. The total injection announced is 1.2 trillion yuan, the largest single-day addition of its kind in data going back to 2004.

RATE CUT: Central bank trims the rates it charges for 7-day and 14-day reverse repurchase agreements by 10 basis points each.

YUAN FIX: China sets yuan fix stronger than the key 7 per dollar level as markets reopen.

* MARKET REACTION: Chinese stocks see their worst rout since the burst of an equity bubble in 2015. The CSI 300 Index of companies listed in Shanghai and Shenzhen closes 7.9% lower while the yuan weakens past 7 per dollar.

Tuesday, Feb. 4

MORE SUPPORT: Central bank pumps a net 400 billion yuan into the banking system, the largest single-day addition since January 2019. It also sets the yuan’s reference rate stronger than the currency’s official close on Monday and the key 7 level.

Friday, Feb. 7

PRIORITIZE GROWTH: Finance industry regulators hold first joint press conference post-virus; central bank official says growth will be prioritized over debt control.

Saturday, Feb. 8

DEBT FINANCING: China to take more steps to support debt financing for companies fighting the virus, according to the country’s top economic planner.

Monday, Feb. 10

* MARKET REACTION: The yield on Chinese 10-year sovereign bonds closes below 2.8% for the first time since late 2016 as investors flock to safety amid the virus outbreak.

Tuesday, Feb. 11

SELL DEBT: China says it will allow local governments to sell another 848 billion yuan of bonds before March, as authorities continue to look for ways to offset the economic shock of the coronavirus.

Thursday, Feb. 13

RATINGS FIRMS: Securities Association of China issues guidance for credit ratings firms, calling on them to be “reasonable and prudent in adjusting ratings.”

Friday, Feb. 14

GRACE PERIOD: China’s banking regulator takes a further step to shield the industry, saying that defaults resulting from the coronavirus outbreak won’t be included in non-performing loans for a period of time.

Saturday, Feb. 15

PRICE RISES: Financial regulators and central bank hold joint press conference, stressing the virus outbreak won’t cause large price rises.

Sunday, Feb 16

FISCAL SUPPORT: With the death toll and number of infections continuing to climb, China says it will implement measures to reduce corporate taxes and cut government expenses.

Monday, Feb. 17

RATE CUT: The PBOC provides medium-term funding to commercial lenders and cuts the interest rate it charges for the money, offering 200 billion yuan of one-year loans. The rate is lowered by 10 basis points to 3.15%, the lowest since 2017.

* MARKET REACTION: The CSI 300 recoups all of its losses following the record $720 billion sell-off across the nation’s stock market.

To contact Bloomberg News staff for this story: Lucille Liu in Beijing at xliu621@bloomberg.net;Livia Yap in Shanghai at lyap14@bloomberg.net

To contact the editors responsible for this story: Sofia Horta e Costa at shortaecosta@bloomberg.net, David Watkins, Kevin Kingsbury

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