China has reportedly begun destroying hundreds of millions of dollars worth of cash in a desperate bid to halt the march of the coronavirus.

Beijing’s central bank has reportedly implemented new strategy to destroy cash from areas completely infected by the coronavirus.

It is also taking measures to deep clean and disinfect cash from other areas in bid to kill off the virus.

Coronavirus is feared to travel on cash and then transfer to humans as China remains the epicentre of the global outbreak.

The People’s Bank have China have announced the new measures as the fight goes on.

World Health Organisation officials had previously warned the virus can last several hours on surfaces.

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Chinese government officials have ordered their banks to launder the cash.

Bank notes will be disinfected with ultraviolet light and high temperatures before being stored for two weeks.

Cash from higher risk areas will then be “specially treated” and sent back to the central bank.

And then even high-risk banknotes face being burned, reports state-run newspaper the Global Times.

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Government officials have said they will release four billion yuan in additional uninfected cash to help meet the demand.

That would mean around $600 million has either been destroyed or taken out of circulation due to fears it is too infected with coronavirus.

Bank chiefs have also suspended the use of physical cash in high risk provinces.

China has been the frontline against the virus, with around 60 million people in lockdown.

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The death toll in mainland China rose by 98 to 1,868, in figures announced early on Tuesday.

While the number of people infected globally stands at 72,436, according to the country's National Health Commission.

Wider economic impacts of the coronavirus are now being fears.

Some forecasters suggest $62 billion of growth could be wiped off the Chinese economy – leading to businesses going under and a crash.

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It comes as UK accounting watchdog Financial Reporting Council (FRC) said companies have a duty to make "up-to-date and meaningful" disclosures to investors on the potential impact of the disease.

It also confirmed it is in talks with accountancy firms over the potential effect that coronavirus – also known as Covid-19 – could have on their ability to sign off accounts, given travel restrictions in China.

UK firms with Chinese subsidiaries can only review audit files within the country, as Chinese data protection laws prevent this being done remotely.

The FRC's reminder about firms' obligations to disclose risks comes after technology giant Apple warned over second-quarter results because the coronavirus outbreak in China has hit production of iPhones.

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Banking giant HSBC also cautioned on announcing 2019 figures that coronavirus had caused "significant disruption" for its business, especially in mainland China and Hong Kong, and may knock lending and transactions in the region.

FRC chiefs said companies need to "carefully" consider what disclosures they may need to make in year-end accounts, for those trading in China as well as those that may be indirectly affected.

The regulator said firms may be directly hit if, for example, they have extensive operations or manufacturing bases in China, which could suffer staff shortages and production delays.

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But it added that firms without a presence in China may also suffer, such as those with significant trading links or global supply chains dependent on Chinese-manufactured goods.

UK retailers, pharmaceutical firms, hotel groups and banks are among those set to suffer an impact from the outbreak.

• Coronavirus
• China

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