LATEST: Chinese stock and commodity markets fell heavily on Monday as the death toll from a coronavirus epidemic in China rose to 36.
The Shanghai Composite index shed 8% to hit one-year low on Monday, wiping almost $370 billion off the market value, according to Reuters calculations.
Investors were bracing for volatility when onshore trade in Chinese stocks, bonds, yuan and commodities resumed, following a steep global selldown on fears about the impact of the virus on the world's second-biggest economy.Looking to head off panic, China's central bank injected $173.8 billion of liquidity into the markets via reverse repo operations on Monday.
China's Sinopec Corp, Asia's largest refiner, said it would cut refinery output this month by about 600,000 barrels a day, roughly 12% of the average daily output last year, as health worries hit fuel demand, four people with knowledge of the matter said. Cities like Wuhan remain in virtual lockdown with travel severely restricted, and China is facing mounting international isolation as well due to restrictions on flights to and from the country.
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