Economy plunges: China’s economy appears to have collapsed during the coronavirus outbreak at a far deeper rate than many analysts had been expecting. Industrial production, retail sales and fixed-asset investment declined by double digits in January and February, official data shows. SCMP.
PBOC acts: The People’s Bank of China cut the reserve-requirement ratio for the second time this year, pumping 550 billion yuan into the economy on Friday (Reuters.) and then saying on Sunday it would use a variety of measures including monetary tools to lower rates for companies hit hard by the outbreak. SCMP.
HK Disneyland losses: Hong Kong Disneyland said today its losses had doubled to HK$105 million for the year ended September 2019, largely due to months of social unrest sparked by the anti-extradition bill as well as the coronavirus outbreak. SCMP.
Apple opens (and closes): As China brings its infection numbers under control, Apple has reopened all 42 stores in the mainland which were forced to close in January due to the outbreak, while it closed all its stores in the rest of the world until March 27. CNBC.