Asian central banks inject funds to calm virus-hit markets

Pedestrians and an auto-rickshaw pass a State Bank of India Ltd. (SBI) branch in Mumbai, India. The Reserve Bank of India plans to add 250 billion rupees (US$3.4bil) through short-term repurchase operations after announcing Thursday a US$2bil injection into the foreign-exchange market due to Covid-19 outbreak attack on financials markets in the region. - Bloomberg

SINGAPORE: Asian central banks moved aggressively on Saturday (March 14) to counter the market carnage on Friday, pumping liquidity into the financial system and discussing emergency action to fight the global economy’s biggest threat since the financial crisis.

The People’s Bank of China injected US$79bil into the economy through a reduction in reserve ratios for banks.