China’s stock markets retreat and the yuan weakens as investors worry rising infections may disrupt manufacturing
12 December 2022 - 17:23People line up outside a clinic at a hospital in Beijing, China. Picture: KEVIN FRAYER/GETTY IMAGES
It has dropped testing prior to many activities, reined in quarantine and was preparing to deactivate a mobile app used to track the travel histories of a population of 1.4-billion people. Authorities, though, continue to urge mask-wearing and vaccinations, particularly for the elderly. “Basically everybody is now simultaneously rushing to buy rapid antigen test kits but has also somewhat given up on the hope that Covid-19 can be contained,” she said. “We have accepted that we will have to get Covid-19 at some point anyway.”
However, in recent weeks, local cases have been trending lower since a late November peak of 40,052, official figures show. Sunday’s tally of 8,626 was down from 10,597 new cases the previous day. In a WeChat post, Zhang’s team said despite the surge, the Omicron strain did not cause long-term damage and people should be optimistic. “We are about to walk out of the tunnel; air, sunshine, free travel, all waiting for us,” the post said.China’s stock markets broadly retreated and the yuan eased from a near three-month high hit in the previous session, as investors fretted that rising infections might disrupt consumption and manufacturing.
“Try as much as you can not to go out,” it said on messaging app WeChat. “Be the first person to take responsibility for your own health, let’s face this together.”
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