More than 300 Chinese firms seeking $8.2 billion in bank loans to counter coronavirus – Reuters

More than 300 firms in China are looking to receive bank loans totalling 57.4 billion yuan ($8.2 billion) to help them battle against the negative impact of the coronavirus outbreak, Reuters reported on Monday, citing two banking source familiar with the matter.

Didi Chuxing Technology Co, Megvii Technology Inc and Qihoo 360 Technology Co and Xiaomi Corp are among those companies, according to the sources. 

"Banks will have the final say on lending decisions," one source told Reuters. "The interest rates are likely to be on par with those offered to banks' top clients."

Market reaction

This headline was largely ignored by the market participants and the 10-year US Treasury bond yield was last down 1.3% on a daily basis at 1.571%.