Malaysia and Australia cut rates to counter coronavirus threat

KUALA LUMPUR -- Malaysia's central bank trimmed its key policy interest rate on Tuesday to 9-year low while Australia cut its to a record low, as the coronavirus outbreak begins to spook the two economies.

Bank Negara Malaysia cut the overnight policy rate 25 basis points to 2.5% -- the second cut since January -- which dropped the rate to its lowest since March 2011.