Several large Chinese cities have tightened their measures against the spread of the corona virus, raising concerns about renewed economic damage. In the southern Chinese technology center Shenzhen, more shops and companies had to close on Tuesday. The world’s largest electronics market, Huaqiangbei, in the metropolis also known as the “Silicon Valley of China” has been tight since the beginning of the week.
In the port city of Dalian, which is important for imports of soybeans and iron ore, the most important districts with a population of three million were sealed off until Sunday. Households are only allowed to send one person per day to shop. If possible, employees should switch to the home office, while industrial companies should continue to do absolutely necessary and urgent work.
“The financial markets could soon come under pressure again,” warned the analysts at Nomura. “The downturn could be worse than markets previously anticipated.” The national currency, the yuan, continued to depreciate against the dollar after falling to a two-year low on Monday.
Source: Nachrichten
