COVID 19: China, South Korea and Australia Ramp Up Economic Measures

COVID 19: China, South Korea and Australia Ramp Up Economic Measures

© Reuters.

By Gina Lee

Investing.com – China’s central bank cut interest rates, while the Australian and Korean governments are working on programs to prop their economies up.

The United States extended its social distancing guidelines until April 30.

As of March 29, the number of confirmed cases globally stood at 638,146 with 30,105 deaths, according to the World Health Organisation.

Australia

Treasurer Josh Frydenberg will announce further income support for Australian workers later today as part of a third stimulus package.

He also announced tighter restrictions on foreign takeovers, with all proposed overseas investment in Australian businesses triggering government scrutiny regardless of the value.

China

The People’s Bank of China cut interest rates to 2.2% from 2.4%m and will use 7-day reverse repurchase agreements to put CNY 50 billion ($7.04 billion) into the banking system. It is the first time it is injecting liquidity into the financial system via open-market operations since February 17.

South Korea

The government will hold an emergency economic council meeting to discuss financial support of up to KRW 6 trillion ($4.94 billion) to 10 million lower-income households at an emergency economic council meeting this week.

A four-member family whose income is below the median income could receive a one-time lump sum of up to KRW 1 million ($823.9)

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