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Analysts said the emerging signs of Chinese economic stabilization mean the world's second-largest economy is also expected to play a crucial role in helping to anchor the global economy, which, as International Monetary Fund Managing Director Christine Lagarde cautioned, is at a "delicate moment".

And sometimes that abstract-yet-solid connection is even harder to put in words.

And Trump had predicted an upcoming legal fight. "I expect to be sued. I shouldn't be sued … We'll win in the Supreme Court," he said on Friday in announcing he was declaring a national emergency.

Analysts expect the volatility to continue as long as the threat of severe economic disruption from the coronavirus does.

And all countries, he said, need to guard against the risks of drastic adjustments of asset prices. Could China's corporate sector, which has a relatively higher leverage level, spark the next financial crisis after the GFC a decade ago?