Hong Kong shares fell 3% amid turmoil in China over Covid restrictions

Other currencies also at risk due to Chinese unrest: Standard Chartered

Global currencies will also be at risk of weakness along with the offshore Chinese yuan amid turmoil in China over its anti-Covid policies due to how supply chains will be affected, according to Standard Chartered Bank.

“The main question about how the world will react is how does the Chinese supply chain respond,” Stephen Englender, managing director of Standard Chartered Bank, said on CNBC. “Squawk Box Asia”.

“If there is more disruption, I think it’s very risky,” he said. “Not only CNH, but other currencies will be at risk.”

Englander added that traders may be looking to reduce their exposure to further risk.

– Jihe Lee

Oil prices drop as China’s Covid-19 protests continue

Crude oil futures fell early in Asia as COVID cases, virus restrictions and unrest in China rose, raising concerns about demand from the world’s second largest oil consumer.

West Texas Intermediate futures It decreased by 0.35%, to $76.01 per barrel, while Brent Crude Futures It lost 0.26%, to $83.41 a barrel.

Oil prices fell sharply last week as increasing lockdowns in China stoked demand concerns, ANZ Research’s Brian Martin and Daniel Hynes wrote in a note on Monday.

“This continues to be a headwind for oil demand,” they said, adding that the impact of rising Covid cases was reflected in China’s mobility data as well.

– Abigail Ng

Offshore Chinese Yuan weakened in Asia morning as covid protests continue

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