Coronavirus Update: Beijing to gradually lift restrictions this week

Dhwani Mehta FXStreet

After Friday’s stellar US labor market report, there is more for the investors to cheer starting out a fresh week, as China’s capital, Beijing is set to gradually lift the covid restrictions.

Having reported 19 new infections on Sunday, Beijing’s authorities announced residents would start returning to work from Monday and schools would resume from June 13 onwards.

Further details

Dine-in service in Beijing will resume on Monday.

Normal work will resume.

Traffic bans will be lifted on Monday in most areas of Beijing.

Shanghai, the country’s financial hub will also see a further incremental easing of the restrictions after most of the city's 25 million inhabitants have been able to move freely since Wednesday.

Shanghai reported six new local symptomatic cases, up from five, and 16 new local asymptomatic cases versus nine the previous day, per Reuters.

Market reaction

Risk sentiment remains buoyed by China’s reopening optimism, with the S&P 500 futures up 0.42% on the day while the AUD/USD pair holds steady around 0.7200 amid the recent US dollar strength.

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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