Coronavirus Update: Shanghai lockdowns to be eased but Chinese port activity falls

Dhwani Mehta FXStreet

Officials in Shanghai city said Wednesday, lockdowns will be eased in districts with no coronavirus community spread.

The city will allow limited movements in restricted areas in these districts, the authorities added.

China reported 14,298 new covid cases on April 26 vs. 17,812 a day earlier.

This comes after the Chinese capital Beijing kicked off mass testing for millions of residents after a spike in covid cases.

The Chaoyang district reported 26 cases over the weekend - the highest number so far in Beijing's latest surge, per BBC News.

Amid covid lockdowns, Bloomberg reported, citing satellite data, Chinese port activity fell below levels seen during the first coronavirus outbreak in 2020 and construction has plummeted.

Meanwhile, China’s Industrial Profits grew by 5% during the January-February period, according to the National Statistics Bureau (NBS).

Also read: China’s President Xi pushing to beat US in GDP growth despite covid lockdowns – WSJ

Market reaction

USD/CNY keeps its corrective mode intact from two-year highs, currently trading at 6.5558, almost unchanged 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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