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ShreeMetalPrices: China Records New Covid Cases, Yuan Declines on Covid Protests

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On Sunday, China set a new daily record of 40,347 new infections, of which 3,822 was symptomatic & 36,525 was asymptomatic. According to the National Health Commission.
The nation separates its symptomatic and asymptomatic cases. Beijing’s capital city as well as other major cities have seen tensions as they set new records as a result of protests.

Zero-Covid policy, the government’s stringent approach to controlling Chinese stocks, failed to allay investor concerns about demonstrations against strict COVID-19 limits in the world’s second-largest economy on Monday. The yuan also declined against the dollar.

Shares of tech companies were also negatively impacted by a United states crackdown of Chinese tech giants claiming national security concerns

The social upheaval in China has increased worries about political upheaval there and that the path to reopening may be difficult. According to Ken Cheung – chief Asian FX strategist of Mizuho Bank in Hong Kong.

President Xi Jinping’s trademark zero-COVID policy and record-high daily infections have sparked a wave of civil disobedience that is unprecedented throughout mainland China since he came to power ten years ago. This unrest also coincides with growing discontent.

The Hang Seng Mainland Properties Price fell more than 4%, while the Hang Seng Tech Index fell over 2%.

The loss was led by real estate developers and tech heavyweights listed in Hong Kong. Hundreds of people had taken to the streets as a result of the spread, which has fueled public outrage.

The key Problems Regarding Covid in China:

1. On Sunday, 40,347 infection were recorded in China, of which 3,822 showed symptoms and 36,525 did not. There were no new fatalities, so the death toll remained at 5,233.

2. Due to an increase in infections, Shenzhen’s health authorities tightened regulations on public areas on Sunday. According to reports, restaurants have been instruct to restrict patrons to no more than 50% of the venue’s capacity. Additional locations subject to the restriction include movies, libraries, and art galleries.

3. When protests against Chinese government’s zero-Covid policy sparked concerns about the country’s handling of the pandemic. Stocks and oil fell dramatically on Monday.

According to a Reuters article, the largest Asia-Pacific share index outside of Japan fell 2.2% as a result of sharp selling in Chinese markets. In early trade, the yuan sank along with the Hang Seng Index for Hong Kong and the CSI300 Index of China.

4. Beginning on Tuesday, people in Shanghai must have a recent negative PCR test in order to attend establishments like restaurants, bars, malls, and other similar venues.

In Beijing on Sunday, protesters against lockdowns gathered in the cold weather. According to the news agency AFP, many of the protestors were seen waving blank white papers as a symbol of their opposition to censorship.

5. According to reports, one of the main causes of the uproar was a fire that broke out in an apartment building in the Xinjiang area of northwest China, killing 10 people and injuring many more. Curbs are to blame for the rescue efforts, according to the locals.

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