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Business Maverick: China Lockdown Fears Rip Through Markets as Stocks, Yuan Tumble

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Fears about the economic toll of China’s strict Covid Zero policy have intensified, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling.

The benchmark CSI 300 Index dropped by 2.7%, its biggest slide in two weeks, while Hong Kong’s Hang Seng Index slumped about 3%. The onshore yuan fell to its weakest in a year on concerns about rising capital outflows.

“There are concerns about the Covid situation in Beijing evolving into what happened in Shanghai with some prolonged lockdowns that bites the economy,” said Kevin Li, portfolio manager at GF Asset Management Ltd.

 

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Why hasnt china been sued and fined yet for causing worldwide deaths, eh?

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