China will expand the import of medical-related materials and the production of raw materials, China’s Commerce Ministry said on Tuesday. “China will actively use imports to increase the supply of domestic agriculture products including meat,” the ministry added.
Earlier in the day, Reuters reported that Chinese policymakers were preparing additional measure to limit the negative impact of the coronavirus outbreak on the economy. “Support measures will be concentrated on the retail, catering, logistics, transportation and tourism sectors, which are likely to be hit hard and are especially vulnerable to job losses,” the article read.
Risk-on flows continue to dominate
China’s commitment to helping the economy seems to be providing a boost to the market sentiment on Tuesday. As of writing, major European equity indexes are up more than 1% on the day and the 10-year US Treasury bond yield is adding nearly 3%.
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