What China’s Covid Pivot Means for Its Beaten-Down Markets
China has reduced the amount of time travelers and close contacts must spend in quarantine.
Source: Bloomberg
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Risk appetite for Chinese assets surged after Beijing unveiled the biggest pullback in its strict Covid Zero playbook yet, triggering a rally in stocks and sharp gains in the country’s currency.
The domestic benchmark CSI 300 Index advanced as much as 3.9%, before finishing the day up 2.8%. A key gauge of Hong Kong-listed Chinese shares jumped a maximum of 8.6% earlier. The onshore yuan rose about 1.7% against the dollar at one point.