CNBC reports that global financial ministers and central bankers will hold a conference call on Tuesday to coordinate the financial and economic response to the coronavirus.

The teleconference call will be led by Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell on Tuesday at 7 a.m ET, CNBC reported. Representatives of the Group of Seven industrialized nations will attend the call.

It will be a "coordinating call" for the financial and economic response to virus, according to a source.

A communique is scheduled for after the call, CNBC has learned.

Stocks rallied sharply on Monday on hopes that global central banks will take action soon to offset any impact from the deadly coronavirus, which has spread into the U.S.