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.

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