The People 's Bank of China reduced its repo rate by more than 7 basis points before February 20 , 2020 .
On the same day , the Reserve Bank of Australia and the Central Bank of Malaysia announced overnight rate cuts of 25 basis points ( which brought the Australian rate to its lowest level in history ) , while the People 's Bank of China declined to conduct open market operations having cut its repo rate on 19 February .
Socio-economic impact of the 2019–20 coronavirus pandemic