Coronavirus update: Beijing upgrades more areas to high risk areas after the partial shutdown

Dhwani Mehta FXStreet

Amid the intensifying spread of the new coronavirus infections in the Chinese capital of Beijing, the city’s municipal government has upgraded 12 more areas to high-risk zones while 10 other areas are flagged as medium risk areas.

Additionally, Bloomberg reports that Beijing is not allowing residents in high risk areas from leaving the city.

This comes after Beijing reinstituted partial lockdown on Monday after a fresh cluster of cases emerged from a wholesale food market, Xinfadi, in Beijing last Sunday.

Beijing ordered all companies to supervise 14-day home quarantine for employees who have visited the Xinfadi market or been in contact with anyone who has.

Several schools and residential compounds near Xinfadi have been under lockdown.

Market reaction

With the above piece of news, markets are turning risk-averse, as S&P 500 futures turn negative while the higher-yielding currencies, such as AUD/USD is taking a breather after the latest upsurge to 0.6950 levels. The focus shifts to the RBA minutes.

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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