China’s coronavirus vaccine gets special military drug approval

Dhwani Mehta FXStreet

The risk sentiment is getting some lift from the encouraging Chinese vaccine news that came in over the weekend, with the influential media outlet, Global Times, offering some additional insights on the vaccine story.

Key takeaways

“Chinese biopharmaceutical firm CanSino Biologics Inc developed the vaccine in conjunction with a military research team.”

“Jointly developed by CanSino and the Institute of Biotechnology under the Academy of Military Medical Sciences.”

“Phase 1 and phase 2 clinical trials for Ad5-nCoV have been conducted.”

“The overall clinical results indicate Ad5-nCoV has the potential to prevent diseases caused by SARS-CoV-2.”

“CanSino announced its collaboration with the Canadian National Research Council on clinical trials for the recombinant vaccine in May.”

Over the weekend, Sinopharm Group announced that in partnership with the Chinese Centre for Disease Control and Prevention, they are advancing on clinical trials to develop a COVID-19 vaccine.

Sinopharm Group noted that its second vaccine has been found to be safe and able to generate high concertation of antibodies among participants in phase I and II clinical trials.

Market reaction

Now, with the Chinese military approval for the drug, the market mood in Asia has somewhat improved, with the risk assets such as the Aussie dollar, US equity futures etc, attempting a minor bounce.

AUD/USD has bounced-off lows at 0.6847 to now trade around 0.6875 while S&P 500 futures gain 0.22% to regain the 3K mark. USD/JPY holds steady around 107.25.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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