25 Apr 2022
China’s COVID-19 Outbreak Worsens, Raising Fears of Potential Lockdown in Beijing
The Index Today
China’s present COVID-19 outbreak has taken a turn for the worse as mounting cases in Beijing triggered fears of a potential new lockdown in the country’s capital.
According to Bloomberg News, China’s Zero COVID policy has also sparked fresh concerns among investors of a potential greater devastation of the economy which resulted in a stock and oil plunge with the yuan plummeting to its lowest in a year.
Additionally, Beijing’s residents have also taken to panic-buying to stock up on necessary supplies in the event of an unexpected lockdown, as the government unveiled plans for mass testing and shutting down affected regions.
This comes after Shanghai announced a record spike in the number of COVID-19 deaths and as a result, enforced more stringent rules to control surging cases, reported Bloomberg News.