Asia-Pacific central banks act to cushion coronavirus shock
RBA and Bank Negara Malaysia cut rates; Bank Indonesia steps in to support markets
Malaysia’s central bank cut its key rate to a nine-year low and the Reserve Bank of Australia cut rates to a record low today (March 3), as the economic effects of the Covid-19 outbreak began to be felt worldwide.
Bank Indonesia also stepped in to calm foreign exchange markets following a sharp drop in the rupiah. Emerging market currencies have been hit in a worldwide flight to safe assets.
“The coronavirus has clouded the near-term outlook for the global economy and means that global growth
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