Coronavirus Update: Shanghai heightens restrictions after cases spike, Minhang locked down

Dhwani Mehta FXStreet

Shanghai is strengthening its covid control measures, including putting some residential neighborhoods back under lockdown, in an effort to prevent another citywide outbreak after a spike in cases followed the city’s reopening last week, per Chinese media agency, Caixin.

China’s financial hub reported four new confirmed symptomatic COVID-19 cases on Wednesday, all in zones already under quarantine.

Minhang District is a suburban district of Shanghai. the entire district is to enter lockdown.

Mass testing of people to begin from Saturday.

Zhao Dandan, Deputy Director of the Shanghai Municipal Health Commission, Shanghai will strengthen its capabilities to handle community cases.

Meanwhile, China reported 240 new coronavirus cases on June 8, of which 70 were symptomatic and 170 were asymptomatic, the National Health Commission (NHC) said on Thursday.

Market reaction

Risk sentiment remains tepid, with most major FX pairs in tight ranges ahead of the critical ECB decision. Chinese covid and growth concerns continue to haunt markets, with the S&P 500 futures down 0.21% so far. AUD/USD is pressured towards 0.7150, losing 0.38% on the day.

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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