Coronavirus Update: China sees a ray of hope on return, as Shanghai cases ease, Beijing’s steady
|Chinese traders return to markets after a four-day holiday break, with some encouraging news coming out from the cities’ authorities on the coronavirus front.
According to CCTV, covid cases in Shanghai city fell slightly while new infections in Beijing stabilized.
Shanghai reported 4,651 cases for Wednesday, down from 4,982 on Tuesday. Beijing reported 50 cases on Wednesday, compared with 51 on Tuesday, per Bloomberg.
The slowdown in the covid cases suggests the country’s extreme restrictive measures to contain an outbreak are having an effect.
On Wednesday, Beijing closed down over 10% of the subway station network. Dozens of bus routes were also suspended.
Market reaction
AUD/USD has stalled its Fed-inspired rebound near 0.7265, as bulls weigh in the latest China’s covid news amid a sharp contraction in the country’s services sector activity. The pair is currently trading at 0.7244, down 0.28% on the day.
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