Updated Feb 3, 2020 - Economy & Business

China's stocks plunge to 1-year low as coronavirus cases soar

An investor looks at a screen showing stock market movements at a securities company in Hangzhou in China's eastern Zhejiang province on February 3
An investor looks at a screen showing stock market movements at a securities company in Hangzhou in China's eastern Zhejiang province on Monday local time. Photo: STR/AFP via Getty Images

The Shanghai Composite lost nearly $370 billion from its market value and fell to a one-year low before easing slightly on Monday, per Reuters calculations.

Driving the news: Investors are concerned about the global impact of the deadly coronavirus outbreak, AP notes.

  • China's central bank announced earlier Monday it would "pump 1.2 trillion yuan (US$174 billion) into financial markets" in an attempt to ease volatility as trading reopened following the Lunar New Year holiday, the South China Morning Post reports.

The big picture: The market eased slightly at lunchtime in central China, but stocks were still down by nearly 8%.

Editor's note: This article has been updated with new details throughout.

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