Shanghai will resume work in zero-COVID regions in early June, according to a report.

On Thursday, Shanghai’s Deputy Mayor, Zhang Wei, announced plans to gradually reopen public transport and enable restarting of work in Zero-COVID areas.

May 19, 2022 - 01:11 PM 271 views

Shanghai will resume work in zero-COVID regions in early June, according to a report.

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© Shanghai will resume work in zero-COVID regions in early June, according to a report.

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On Thursday, Shanghai’s Deputy Mayor, Zhang Wei, announced plans to gradually reopen public transport and enable restarting of work in Zero-COVID areas.

Key Takeaways

Throughput at Shanghai's port has rebounded to roughly 90% of what it was a year ago.

At the beginning of June, Shanghai is planning to expand and restart the work in zero-COVID areas.

Prior to the usage of public transport, Shanghai desperately wanted all its residents to take PCR tests within 48 hours and show negative results.

Shanghai is slowly and steadily increasing the number of train arrivals and departures from the Hongqiao railway station.

Shanghai will slowly restart interdistrict public transport from May 22nd onwards.

Shanghai will begin to renovate long metro truck lines with high connectivity given as a first priority.

Rents for small and medium-sized businesses in Shanghai will be reduced by more than 10 billion yuan.

The Market Reaction

As China's financial hub embarks on the reopening route, risk-off flows are gradually lessening, reflecting a slight recovery in the S&P 500 futures.

Although the Asian stocks have suffered significant losses, as the Chinese yuan fails to applaud the optimistic news, USD/CNY is up 0.10 percent on the day to 6.7613.

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