Australian government's new $66 billion package will take coronavirus economic life support to $189 billion
USD/CNY unlikely to show big movement for the time being, says Commerzbank
The USD/CNY currency pair is not expected to show any big movement for the time being given the spreading Coronavirus epidemic that largely affected various parts of the country, bringing trade and business to a standstill, according to the latest research report from Commerzbank.
The latest assessment suggests that the peak of new virus infections will arrive before the end of this month, which is more or less in line with the previous assessment.
In the meantime, China's experts also expect the epidemic may be over by April, which indicates that the biggest impact on China's economy will take place in the first quarter of 2020.
While the local governments remain hesitate to restart the production at a full speed due to virus concerns, the central government has started to pressure local provinces to put more focus on economic growth. For the FX market, all these messages do not necessarily form any big surprise, the report further noted.