What happens when more than half of a city’s population gets Covid-19 at the same time? An explosive number of new cases in China’s capital Beijing could mark the beginning of the next phase of supply chain disruptions.
China’s lockdowns over the past two years halted factories across a wide range of industries and cities. But Beijing’s abrupt halt to its Covid Zero policy means reopening its economy will not lead to a return to economic growth as markets had hoped.
Beijing’s large local asset managers and banks currently expect more than half of their employees in the city to have tested positive. Both stock and currency trading volumes fell sharply last week due to sick traders being off the desk.
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