Coronavirus: Major Spike In Deaths As Outbreak Peaks In China

The Coronavirus outbreak in China’s Wuhan is showing no signs of slowing down with the city reporting 65 more deaths on Monday, the highest toll in a single day so far.

Besides, the number of confirmed cases in China stood at 20,438, a single day increase of 3,235 cases.

Chinese President Xi Jinping has called the outbreak a “major test of China’s system and capacity for governance” as the extended Lunar New Year holiday and growing concerns to contain the virus began to take a toll on the country’s economy.

China’s stock market posted major losses on Monday after it opened for the first time following the extended Lunar New Year break. The losses in Shanghai and Shenzhen markets are estimated to be $445 billion in value.

Global oil prices have also fallen as China is the biggest crude oil importer. China has already announced a 1.2 trillion yuan ($173 billion) injection into Chinese markets to help maintain “reasonably ample liquidity”.

Japan, India and a dozen countries have evacuated their citizens from Wuhan, the epicenter of the virus.

While Wuhan is under lock down, other cities in China such as Hangzhou have setup tight quarantine measures with people returning to the cities facing up to two weeks in isolation.

In India, three confirmed cases have prompted the Kerala government to declare a state disaster. Plus, around 185 cases were reported from 20-odd countries as well.