Shanghai has ordered the closure of eight city districts due to new outbreaks of the Coronavirus

A week after alleviating the COVID-19 outbreaks-induced limitations, the financial hub of China's Shanghai city is once again fighting with the COVID virus and many regions in China have come back under lockdown.

June 10, 2022 - 12:13 PM 256 views

Shanghai has ordered the closure of eight city districts due to new outbreaks of the Coronavirus

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© Shanghai has ordered the closure of eight city districts due to new outbreaks of the Coronavirus

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A week after alleviating the COVID-19 outbreaks-induced limitations, the financial hub of China's Shanghai city is once again fighting with the COVID virus and many regions in China have come back under lockdown.

This weekend, Shanghai will lockdown eight city districts in order to perform a mass test on millions of people as COVID-19 cases continue to loom.

During the COVID test, the limitations will apply to approximately 15.3 million residents residing in the following districts of Shanghai.

·         Pudong,

·         Huangpu

·         Jing’an

·         Xuhui

·         Hongkou

·         Baoshan

·         Yangpu and

·         Minhang

In the meantime, Christophe Lauras, president of the French Chamber of Commerce in China, said that the business climate is not so optimistic despite the fact that most of the cities are open; still, there is a problem in achieving the Zero-COVID policy, and every morning when people wake up, they don’t know exactly whether they will be locked or not.

The Market Reaction       

Although the S&P 500 futures are up 0.09 percent on the day, markets are nursing their wounds after Thursday's massive sell-off. The Australian dollar is hovering around 0.7100, waiting for a new direction from the US inflation report.

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