China Government announces quarantining cash to prevent spread of coronavirus
In their fight to halt coronavirus spread, the government of China had announced that it is now quarantining cash for preventing people from handling and potentially spreading this virus. There is still no clarity on how the coronavirus has been spreading or for how long this is going to exist on the surface, so the government of China has been trying to take the older bills and the coins out from circulation for stopping one method of potential transmission. Central Bank on Saturday announced that it had put the transfer of the old bank notes on halt across the provinces and is going to use many methods for sanitizing their bills which is going to include the locking the cash up in the government warehouses. Government has said that it has been injecting billions of dollars simultaneously in the new cash into the economy of China.
Central Bank of China’s deputy governor has said on Saturday that the government is going to introduce 600 billion yuan or $85.9 billion in new cash with there being new notes of 400 billion yuan of new notes which have been already allocated in the epicenter of virus in Hubei Province. Money from the areas which have been hit worst are going to be sanitized with the ultraviolet rays or going to be heated and locked up for a minimum of 14 days before this has been distributed again as per the deputy governor in a press conference.
The commercial lenders are ordered for identifying cash taken particularly from the wet foods and hospitals market and the places which have a higher exposure of risk. There are also reports that the central bank is also going to destroy the notes collected from the sensitive sites.