Chinese Yuan holds steady amid coronavirus-led anxiety

Chinese Yuan holds steady amid coronavirus-led anxiety

China’s currency and stock markets held steady on Tuesday after news of the spreading virus in China hit the Yuan. In the previous session, the Yuan had lost around $400 billion in market value from the Shanghai benchmark index.

The Shanghai Composite opened 2% lower before regaining ground to stand 0.6% firmer after 30 minutes of trade. The Blue Chip Index held almost 2% firmer by 0230 GMT.

Hong Kong’s Hang Seng Index recovered 1% after it had been dropped down 9% over the past two weeks.

The Yuan closed up 0.2% to 7.0049/dollar.

While economists have yet to pin-point the reason of the Yuan’s partial recovery, sources have said on Monday that China’s securities regulator was urging mutual fund managers to not sell shares unless they are faced with investor redemptions.