The broad policy direction for many of the world's central banks and governments now hinges on one question: How will the Chinese government respond to the economic shock caused by the coronavirus?
The Communist Party's elite Politburo has urged the nation to meet its economic targets this year, an imperative that could shake the government's recent reluctance to fire up large-scale stimulus.
If it translates into an all-out loosening of monetary policy and a ramp up in government spending, key trading partners that have been slammed by the hit to exports, supply chains, commodities and tourism may see short-term pain followed by a rapid snap back.
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