fell 0.6% to $7.2415. Both currencies and the Chinese indexes traded at their weakest level in over two weeks.
The protests mark an extreme reversal in market sentiment towards China after hopes that the country would relax its strict zero-COVID policy spurred some buying into local markets earlier this month. But China instead tightened its anti-COVID measures in recent weeks, as the country grapples with a record-high rate of daily infections.
While the rise in infections is still small in comparison to levels seen in other countries, Chinese officials reiterated their commitment to the zero-COVID policy due to low vaccination rates and a lack of healthcare infrastructure. The strict zero-COVID measures severely weighed on Chinese economic growth this year, as the country shut down several industrial hubs to curb rising infections. While the government rolled out a slew of stimulus measures to help support growth, they have so far had a limited effect on the economy.
Plummet?
Not bad.
Plummet? The US market is collapsing in that case.