The cut came as Chinese financial markets reopened after an extended Lunar New Year holiday.
The People’s Bank of China has also injected a total of 173 billion USD into money markets through reverse bond repurchase agreements.
Chinese Army stationed in central China’s Hubei Province has begun distributing daily necessities to the residents of Wuhan. Chinese authorities have said that they will further increase the supply of daily necessities including fresh vegetables, meat, grain and oil to central Hubei Province.
Meanwhile, China’s Ministry of Agriculture and Rural Affairs has said in a statement that the highly pathogenic bird flu outbreak occurred in a farm in the Shuangqing district in Hunan province which has killed more than half of the chickens in the farm. Local authorities have culled 17,828 poultry after the outbreak. No human cases of the Hunan H5N1 virus have been reported.
Hunan province lies on the southern border of Hubei province, the epicentre of the rapidly spreading coronavirus. Tens of millions of people are still quarantined throughout the Hunan Province. , in an effort to combat new coronavirus.
According to the World Health Organization, the H5N1 avian flu has killed 455 people worldwide since 2003. The WHO says, that the virus does not infect humans easily, and spread from person to person appears to be unusual.
Last month, China also detected the highly pathogenic H5N6 strain of avian flu in swans in its western Xinjiang region.