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Chinese markets are facing another volatile week after health officials vowed to “unswervingly†stick to the country’s Covid Zero approach, damping investor optimism that Beijing was working towards easing restrictions.
Assets from equities to oil rallied last week on convictions that China is taking concrete steps toward reopening. The Hang Seng China Enterprises Index had its best weekly gain since 2015, Brent crude closed at the highest in two months, iron ore futures jumped and the offshore yuan strengthened more than 1% at one stage. But authorities tempered those hopes in a briefing.
“Previous practices have proved that our prevention and control plans and a series of strategic measures are completely correct,†said Hu Xiang, an official at the National Health Commission’s disease prevention and control bureau.
—Bloomberg