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Analysts said that as the effect of the country’s financial tightening since last year is gradually unfolding, the economy will face some downward growth pressure in the coming two to three quarters.

Analysts said the wider spread will make yuan-denominated financial assets more attractive for international investors, however, to some extent, it may also indicate liquidity tightening in the market.

And the trend has not stopped. In a filing to the Shanghai Stock Exchange on Aug 10, SAIC Motor Corp, the country's largest car group by sales, said its general assembly had passed a bill to issue bonds worth up to 20 billion yuan.

Analysts at Morgan Stanley believe a premature effort to restart the economy could cause further disruption and delay the return to normality.

Andrews also revealed that two men in their 80s had died after contracting the virus, taking the national death toll to 113.