Coronavirus Update: Shanghai lockdowns will be loosened, but Chinese port activity will decline.

On Wednesday, the Chinese officials in Shanghai City said, "The lockdowns will be removed in those districts with no community spread of the coronavirus and limited movements will be allowed in the restricted areas of the coronavirus affected

April 27, 2022 - 11:51 AM 291 views

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On Wednesday, the Chinese officials in Shanghai City said, "The lockdowns will be removed in those districts with no community spread of the coronavirus and limited movements will be allowed in the restricted areas of the coronavirus affected districts."

On April 26th, China reported 14,298 new COVID cases, whereas on April 25th, it was reported 17,812 cases. These reports came only after the Chinese capital, Beijing, began mass testing of millions of residents in response to an unexpected increase in COVID cases.

As per BBC news, the Chaoyang district reported 26 COVID cases over the weekend, the highest number so far in Beijing.

The Bloomberg satellite data reports say that, "The first outbreak of the coronavirus in the year 2020 has affected the Chinese port activity, which has fallen to the bottom levels and the construction of the port has been crashed." In the meantime, the National Statistic Bureau (NBS) quoted that "in the January-February period, Chinese industrial profits grew by 5%."

The Market Reaction

Currently, the USD/CNY currency pair is in a corrective mode, trading at 6.5558, essentially unchanged on the day.

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