The plunge wiped almost $370 billion in market capitalization from the benchmark Shanghai Composite index .SSEC, which opened nearly 9% lower.
The virus has created alarm because it is spreading quickly, much about it is unknown, and authorities’ drastic response is likely to drag on global growth. “It is a clear message that they want to take growth-supportive measures and keep the market reassured,” said Mayank Mishra, macro strategist at Standard Chartered Bank in Singapore.
Beijing has also said it would help firms that produce vital goods resume work as soon as possible, state broadcaster CCTV reported.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: