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Yen Rises, Yuan Falls After China Hubei Reports Sharp Rise In Virus Cases


Thursday, 13 February 2020 08:11 WIB

Yen


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The yen rose from a three-week low against the dollar on Thursday after China's Hubei province, the epicenter of a coronavirus outbreak, reported a sharp jump in the number of new cases in a jolt to markets and sparking a flight for safe-haven assets.

The Chinese yuan slipped against the dollar in offshore trade, while stocks in Asia also faltered as the latest update on the spread of the virus provided a grim reminder to investors that the epidemic remains a potent threat to the global economic outlook.

Hubei on Thursday reported 14,840 new cases as of Feb. 12, up from 1,638 new cases on Tuesday, with the number of deaths in the province rising a sharp 242 to 1,310.

Hubei's health commission said it started including cases diagnosed with a new method. Uncertainty about the virus, which emerged in Hubei's capital Wuhan late last year and has spread to 24 other countries, has shaken up markets over the past weeks.

The yen rose 0.18% on Thursday to 109.90 yen, pulling back from its weakest since Jan. 21.

In the offshore market, the yuan fell 0.16% to 6.9840 yuan.

The Australian dollar , widely used as a proxy for risk on Chinese assets, fell 0.21% to $0.6724, while the New Zealand dollar dipped 0.2% to $0.6452.

Source : Reuters


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