July 19, 2022 - 12:04 PM 248 views
With millions of people once again in lockdown, China's zero-Covid policy hasn't done anything to stop the covid flare-ups around the country. The second-largest economy in the world recorded 699 cases on Monday, the highest daily total since May 22. Over 1,000 infections were reported over the weekend.
Authorities have recently implemented new limitations and lockdowns as a result of the outbreaks' escalating severity. A county in Anhui province went under lockdown starting on Friday, and Lanzhou, the capital of northwest Gansu province, ordered its 4.4 million citizens to stay inside starting on Wednesday. According to Dawn News, Beihai in the southern Guangxi region on Saturday also declared lockdowns in a portion of two districts with a population of more than 800,000.
Shanghai, the nation's financial centre, appears to be in a better situation, but the authorities have expanded the mass testing to 12 of the city's 16 districts, which are home to about 20 million people. On Monday, Shanghai reported 23 incidents compared to 17 on Sunday.
The Market Reaction
Despite the rise in S&P 500 futures, investors are still treading carefully so far in Tuesday's Asian trade. Growing fears about China's economy and ongoing concerns about the downturn are continuing to undermine investor confidence. At the time of writing, the US dollar index is up 0.16 percent on the day and is trading at 107.54.
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