Asia faces rate-cut pressure

No show: The Jumbo Floating Restaurant sits illuminated at the Aberdeen South Typhoon Shelter in Hong Kong, Coronavirus has dampened tourism across Asia, leading to possible interest rate cuts. – Bloomberg

HONG KONG: Central banks in Asia face increasing calls to cut interest rates, as they jump into action against a spiraling coronavirus crisis that is hammering tourism, travel and confidence across the region.

The People’s Bank of China trimmed some interest rates Monday and injected massive liquidity into the financial system to shore up slumping markets. Indonesia’s central bank said it was taking “bold” steps to bolster the nation’s currency and bonds.