China Secures Wugang City After the latest Coronavirus News

China has announced a lockdown on Wugang in Henan Province amid the recent resurgence of covid outbreaks around the nation caused by the Omicron BA4 and BA5 subvariants.

July 12, 2022 - 11:16 AM 383 views

China Secures Wugang City After the latest Coronavirus News

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China has announced a lockdown on Wugang in Henan Province amid the recent resurgence of covid outbreaks around the nation caused by the Omicron BA4 and BA5 subvariants.

After a single case of covid infection was found there, the city in one of China's steel centres went into three days of lockdown. The worst affected is Anhui, a province in central China that produces steel, cars, and computers.

Markets are still concerned about a recurrence of Shanghai's two-month closure after the number of covid cases there increased at the quickest rate since late May.

In the meantime, Hong Kong's government declared it is exploring creating an electronic health code system to limit the mobility of COVID-19-infected individuals and foreign immigrants.

The Market Reaction

Amid China's covid lockdowns and impending recession fears, risk sentiment has remained muted. The AUD/USD is trading near 26-month lows while the S&P 500 futures are down 0.56 percent on the day.

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