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The Chinese Vow to Support The Markets, U.S. Limits Flights: Virus Update

China’s central bank will inject more than $21 billion of liquidity in seeking to avert a potential sell-off from the coronavirus outbreak, and the U.S. is ready to redirect flights with passengers from China.

A jump in fatalities and a surge in infections stoked fears of contagion.

Airlines in Asia, Europe and the Middle East stopped service to the mainland. A city 700 kilometers from the epicenter of the outbreak has quarantined 9 million residents.

Bloomberg is tracking the outbreak here.

Key Developments:

China’s central bank will pump 150 billion yuan ($21.7 billion) into markets on Monday to prevent a sell-off.Stock futures were set to slump; the offshore yen was steady.A Wuhan man who traveled to the Philippines is the first known person to die outside China.China recorded 45 deaths and 2,590 cases for Feb. 1. Total infections rose to 14,380 in the country, with 304 deaths.More countries have blocked arrivals from China.The U.S. is studying the economic impact of the outbreak.

Asia Stocks Set to Decline (4 p.m. NY)

Traders braced for mainland Chinese markets to reopen on Monday, with stocks across the Asia-Pacific region set for further declines as the coronavirus outbreak showed no signs of slowing.

Futures signaled declines in Tokyo, Hong Kong and Australia, after the S&P 500 Index fell Friday. Investors are assessing the intervention by China’s central bank with more than $21 billion of liquidity to support markets and its economy.

The offshore yuan was steady early Monday after weakening last week through 7 per dollar. The Aussie and yen were little changed.

Trump on Virus: U.S. ‘Shut It Down’ (4 p.m. NY)

President Donald Trump said the U.S. has offered China help with the outbreak, but that steps have been taken to prevent the coronavirus from entering the country.

“We pretty much shut it down coming in from China,” he said on Fox TV’s Super Bowl pregame broadcast. “We’ve offered China help, but we can’t have thousands of people coming in who may have this problem, the coronavirus. So we’re gonna see what happens, but we did shut it down, yes.”

Bangkok, Hong Kong Most at Risk (3:45 p.m. NY)

Bangkok and Hong Kong are most at-risk from the spread of coronavirus based on air travelers expected to arrive from affected cities in China, population mapping experts at the University of Southampton concluded. Taipei ranked third.

Sydney is 12th, New York 16th and London 19th among 30 major cities, the researchers said. Thailand and Japan are the most at-risk countries, followed by the U.S. (6th), Australia (10th) and U.K. (17th).

The research is based 2013-15 data on typical patterns of movement by people in China during the long Lunar New Year celebrations, including the public holiday that was extended a week ago.

Fights to U.S. Get Redirected (2:30 pm. NY)

U.S. flights carrying citizens who visited China will be redirected to one of seven international airports to be screened for possible coronavirus symptoms, part of new restrictions that take effect Sunday to stem the outbreak.

Flights will only land in Atlanta, Chicago, Honolulu, Los Angeles, New York, San Francisco and Seattle, the Department of Homeland Security said. Once on the ground, passengers will be subject to enhanced health screening.

The department said “all passenger flights to the United States carrying individuals who have recently traveled” to China are subject to the restrictions, which were outlined Friday at the White House.

Visitors to Hubei Province, the populous region where the outbreak began, may be quarantined for as long as 14 days, the agency said.

“We realize this could provide added stress and prolong travel times for some individuals,” DHS Acting Secretary Chad Wolf said. “However, public health and security experts agree these measures are necessary to contain the virus and protect the American people.”

If a traveler was in China, but outside Hubei Province, is re-routed and shows no symptoms after screening, they will be re-booked to their destination and asked to self-quarantine at home, DHS said.

U.S. Offer Unanswered by China (1:30 p.m. NY)

The U.S. offered top public health experts to help China with the coronavirus outbreak, but so far Beijing hasn’t responded, National Security Adviser Robert O’Brien said Sunday.