G-20’s Growth, Korea on High Alert, Digital Yuan Worry: Eco Day

(Bloomberg) --

Welcome to Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get your week started:

  • Central and local governments in China are loosening the criteria for factories to resume operations as they walk a tightrope between containing a virus that has killed more than 2,400 people and preventing a slump in the world’s second-largest economy
  • G-20 finance chiefs and central bankers say they see downside risks to global growth persisting as the coronavirus raises uncertainty. Here are the key takeaways from their Riyadh meeting
    • Treasurer Josh Frydenberg said Australia’s economy is proving resilient despite the virus’s impact on key trading partner China
    • A senior Chinese central bank official said his economy is likely to stage a “V-shaped” recovery once the outbreak is contained
    • ECB policy makers say governments must shoulder most of the burden for rebooting economies if the virus deeply impacts growth
    • BOJ chief Haruhiko Kuroda said he will be “well-prepared” to act when needed to address the impact of the coronavirus
    • Even without a single confirmed case, sub-Saharan Africa may be the region hardest hit outside of Asia by the spread of the coronavirus
  • The virus outbreak that has hobbled China’s economy is increasingly ricocheting through the world economy and supply chains. To gauge the impact, Bloomberg reporters asked businesses around the world to share their stories
  • South Korean President Moon Jae-in raised his nation’s infectious-disease alert to the highest level and signaled the potential for unprecedented steps to contain a coronavirus outbreak
  • Japan’s Finance Minister Taro Aso warned the world off China’s digital yuan, saying more work is needed before any issuance
  • An interest-rate cut may be back in play for the Bank of Israel as its policies appear increasingly in flux
  • Finally, here’s a preview of the main events in the week ahead in the global economy

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