China sees a light of hope, as instances in Shanghai have decreased and Beijing's population has remained stable – Coronavirus update

After a four-day holiday break, the Chinese traders are finally back in their markets with some good news coming out of the city authorities about the coronavirus outbreak.

May 05, 2022 - 01:03 PM 259 views

China sees a light of hope, as instances in Shanghai have decreased and Beijing's population has remained stable – Coron

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© China sees a light of hope, as instances in Shanghai have decreased and Beijing's population has remained stable – Coron

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After a four-day holiday break, the Chinese traders are finally back in their markets with some good news coming out of the city authorities about the coronavirus outbreak.

As per the CCTV footage, the COVID cases in Shanghai have decreased to a small number while in Beijing, the new infections have been stabilized.

On Wednesday, the Shanghai city reported 4,651 cases, which was slightly lower than Tuesday’s 4,982 COVID cases. According to Bloomberg, Beijing reported 50 cases on Wednesday and 51 on Tuesday.

It’s clear that the country’s strict measures to avoid COVID are one of the reasons for the slowdown in COVID cases.

On Wednesday, Beijing closed more than 10% of its bus stations, and dozens of bus routes were halted.

The Market Reaction

Amid a sharp contraction in China’s service sector activities and with the recent COVID news, the AUD/USD has adjourned its Fed-inspired restoration near 0.7265 points. And the pair is currently trading at 0.7244 points, which is down by 0.28% in a day.

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