China’s central bank conducted a series of easing measures today (February 3), as stock markets plunged and growth was projected to drop to a record low in the first quarter due to the coronavirus outbreak.

The People’s Bank of China injected 1.2 trillion yuan ($174 billion) into the markets via reverse repo operations. Despite announcing the injection plan over the weekend, China’s stock markets plunged about 8% today, their first opening day after an extended closure.

The injection is to