The country announced this Friday the relaxation of some restrictions against Covid, especially those linked to international travel. The Asian giant is the last major world economy to maintain a “zero Covid” strategy, with confinements, massive tests and quarantines that disrupt business activity and supply chains.
At a meeting Thursday of the Standing Committee of the Political Bureau of the Communist Party, President Xi Jinping and the other six members of the country’s most powerful body approved the reduction of some of these measures.
According to the government announcement published on Friday, decreed to reduce the quarantine period for travelers entering the country from ten to eight days (five in state isolation centers and three at home). During this time, travelers arriving in the country must undergo six PCR tests and they will not be able to go out into the streets freely, the government said.
But instead, They must only present a negative Covid PCR test carried out within 48 hours prior to boarding a plane to China instead of the current two.
The China’s strong economic fundamentals over the medium to long term should support a strong currencywhile the continuing trade surplus also allows capital inflows, according to the Economic Journalled by the State Council of China.
“Unlike the United States and the European Union, which had previously pursued long-term quantitative easing policies, China’s inflation is relatively low and the yuan has room to appreciate“says the newspaper.
Currency is unpredictable, since “volatilities in both directions are normal and there will be no one-sided market“, he added.
The local currency has suffered strong oscillations in recent months. It fell to the weakest levels since the 2008 global financial crisis as Federal Reserve policy tightened and the domestic economy slowed, before rebounding on hopes China’s pandemic restrictions will ease.
Despite Friday’s rebound, the yuan has lost about 10.7% against the dollar so far this year and it looks set to suffer its biggest annual drop since 1994, when China unified market and official rates.
Source: Ambito
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