The fallout of China’s Covid Zero policy is starting to show in Shanghai’s financial markets, as the city is losing its top currency trading hub title. Shanghai handled fewer currency deals than Beijing in April to rank second among China’s 36 provinces and municipalities, according to the State Administration of Foreign Exchange.
The decline points to another consequence of strict lockdowns and may serve as a case study for the possible implications of movement curbs in major Chinese cities, including Beijing, as Covid cases climb.
Source: bnnbloomberg.ca