Update on the Coronavirus: Shanghai appears to be returning to normalcy

From June 1st, the Shanghai city authorities plan to relax the COVID-virus-induced activity restrictions.While announcing the news, the authorities mentioned that Shanghai city is slowly moving towards a normalised epidemic control phase and seems to

May 31, 2022 - 12:40 PM 487 views

Update on the Coronavirus: Shanghai appears to be returning to normalcy

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© Update on the Coronavirus: Shanghai appears to be returning to normalcy

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From June 1st, the Shanghai city authorities plan to relax the COVID-virus-induced activity restrictions.While announcing the news, the authorities mentioned that Shanghai city is slowly moving towards a normalised epidemic control phase and seems to have completely restarted normal life.

Additional comments

Airports will slowly increase the number of flights and will also raise the passenger ratio.

Shopping malls and theatres will be reopened and the seating capacity will be reduced by 75%.

However, the reopening of highly populated places like gyms, schools, and exhibitions will be delayed.

From June 1st onwards, all workers staying in the less COVID-prone areas will return to work.

It's worth mentioning that COVID-19 figures from Mainland China have been mixed recently, with zero virus-related deaths but a rise in new local and confirmed cases. On May 30, mainland China reported 174 new coronavirus cases, 50 of which were symptomatic and 124 of which were asymptomatic, according to the National Health Commission. According to Reuters, "there were 184 new cases a day earlier, made up of 34 symptomatic and 150 asymptomatic infections, which China tracks separately."

The Market Response

Despite the recent US dollar (USD) rebound, the news has kept markets positive, with the S&P futures rising 0.20% in a day and the US treasury yield rising nine basis points (bps) to 2.83%.

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