China continues to ramp up efforts as coronavirus cases expected to grow

The World Health Organization (WHO) on Monday (Feb 3) said that it expects the number of coronavirus cases to grow, as test results are pending on thousands of suspected cases.

This comes as China shared updated figures on the coronavirus which has been sweeping across the Hubei province – the epicentre of the outbreak.

The updated figures show an increase of over 2,000 new cases over the last 24 hours, bringing the total number of coronavirus cases to 17,205; while the death toll stands at 361.

China has been ramping up efforts to manage the spread of the virus, opening up a new hospital facility and further restricting the movement of the people within the province. 

It is understood that only one individual can leave a household to buy food and supplies every other day.

The country has also announced plans to open a second hospital with 1,500 beds in the coming days.

The markets have also taken a hit as a result of the coronavirus, the Shanghai Composite (SHCOMP) plummeted 7.7% and the Shenzhen Component Index fell nearly 8.5% on their first day of trading following the Lunar New Year. 

The losses on each index wiped out a combined $445 billion in market value; China’s currency also fell.