Worries that the country’s strict adherence to a ‘COVID-19 zero’ policy will further damage the economy dragged down stocks to oil and iron ore.
| China’s coronavirus outbreak worsened as rising cases in Beijing sparked jitters about an unprecedented lockdown of the capital, with policymakers racing to avert aWorries that the country’s strict adherence to a “COVID-19 zero” policy will furtherdragged down stocks to oil and iron ore on Monday.
Chinese stocks slumped and the onshore yuan fell to its weakest in a year. Iron ore futures slumped more than 11 per cent, while oil dropped about 3 per cent to trade below $US100 a barrel. Long lines are already snaking around apartment complexes as residents wait for tests. Online and bricks-and-mortar grocery stores have sold out of fresh food, kitchen staples and other basics such masks and antiseptics.
Over the weekend, fences were installed in some neighbourhoods to seal buildings where positive cases have been found, sparking renewed frustration among residents already stuck inside their homes for weeks.