The People's Bank of China said Sunday that it would inject $1.2 trillion yuan into the Chinese markets using the purchase of short-term bonds to shore up banks' ability to lend money.The measure will help maintain "reasonably ample liquidity" in the banking system and keep currency markets stable.
The central bank will also keep in contact with financial institutions and markets to determine what other policy responses may be necessary, according to Pan Gongsheng, deputy governor of the central bank. The infection rate is causing economic difficulties in countries around the world as the virus spreads.
There is a slew of local financial data to come this week, including the RBA rates decision on Tuesday, and the company reporting season kicks off.