Bank of England says working with partners to offset coronavirus impact

The Bank of England said it was working with Britain's finance ministry and international partners to protect the banking system and Britain's economy from the impact of the spread of coronavirus.

Investors globally have priced in more stimulus from the US Federal Reserve to the Bank of Japan and the Reserve Bank of Australia.

"The Bank continues to monitor developments and is assessing its potential impacts on the global and UK economies and financial systems," a BoE spokesperson said.

"The Bank is working closely with HM Treasury and the FCA (Financial Conduct Authority) - as well as our international partners - to ensure all necessary steps are taken to protect financial and monetary stability."

The yield on two-year British government debt GB2YT=RR fell to its lowest since September 2017.

The FCA, Britain's financial markets watchdog, said it was working closely with the financial services sector to ensure it was responding effectively to the outbreak.

"This is in conjunction with the Bank of England," an FCA spokesperson said.

"As you would expect we have been in contact with a wide range of firms across the sector. We expect all firms to have contingency plans in place to deal with major events so that they are able to continue operating effectively. And, as part of that, to consider how best to support their customers."