Asian session review: the yen rose sharply, the yuan fell to its lowest level since the beginning of the year

During today's Asian trading, the yen is rising against the dollar and the euro in the face of increased demand for safe haven assets due to concerns about a new type of coronavirus that causes pneumonia, which was detected in China. The offshore yuan has fallen to its lowest level in the last 4 weeks.

Chinese President XI Jinping said on Saturday that the rate of spread of the dangerous coronavirus in China is accelerating. "We are faced with a difficult situation, as the spread of the new coronavirus is accelerating," he was quoted as saying by official Chinese media.

According to official data, the number of people infected with pneumonia, the causative agent of which was previously unknown coronavirus, exceeded 2700 people, while 80 cases of death have already been registered. On Sunday, the Chinese authorities admitted that the epidemic has not yet been brought under control, despite restrictions on leaving a number of cities in the country.

About 5 million residents left the Chinese city of Wuhan, the epicenter of the new coronavirus, before authorities isolated it due to the threat of spreading the disease, the South China Morning Post reported, citing the city's mayor, Zhou Xianwang.

The Chinese authorities extended the official weekend on the occasion of the Lunar new year celebration for 3 days in order to "reduce mass gatherings of people" and "prevent the spread of the epidemic".

In addition to China, cases have been identified in Thailand, Australia, Singapore, Japan, South Korea, the United States, Malaysia, France, Vietnam, and Nepal.