Turmoil Grips China Markets as Covid Protests Cloud Reopening
- Goldman sees chance of early, disorderly Covid Zero exit
- Stocks, yuan drop amid worries over social unrest, crackdown
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A sense of uncertainty swept through Chinese markets on Monday as growing protests against Covid curbs and a record number of infections complicated the nation’s path to reopening.
Investors sold stocks and the yuan, while credit markets saw spreads widen, as citizens in major cities took to the streets in a rare show of defiance. Foreign funds offloaded the most onshore China shares in about three weeks, with focus turning to how the government will respond to the situation.