
The new coronavirus (designated 2019-nCoV) has exploded in China during the Chinese New Year (CNY) holidays, killing more than 400 people and infecting over 20,000 people in China as of Feb 3rd. All countries are struggling to control its spread and the virus has triggered some big concerns and negative impacts for China and global financial markets. The initial outbreak of the virus escalated just before CNY holidays. China is the most populous nation on Earth with nearly 1.4 billion people, and Chinese consumers spent more than 1 trillion yuan ($145 billion) last year on holiday shopping, dining, entertainment, and