China Continues to Suffer Lockdowns
Shanghai, China's largest city and finance and international business hub, began lockdown measures today following the country's worst COVID outbreak since the beginning of the pandemic, according to CNBC. Oil prices already have dropped by more than $9 due to the lockdown and an expected decrease in demand.
Further disruptions to supply chains are expected. Shanghai is home to the world's largest-container shipping port, per CNBC. And, the city produces much of the world's technology, according to Channel News.
"The city is locking down its eastern half from today until Friday, followed by a week-long lockdown of its western side, beginning April 1," reported Channel News.
"The Shanghai Stock Exchange remains in operation," CNBC said. "The exchange announced Sunday night that stock issuance applications and other paperwork can be done online, with deadline relaxations as needed."
Chinese officials have attributed the latest wave of cases to the omicron subvariant BA.2, CNBC said. China is continuing with its zero-Covid strategy, which "relies on lockdowns and mass testing, with close contacts often being quarantined at home or in a central government facility," ABC News reported. "The strategy focuses on eradicating community transmission of the virus as quickly as possible, sometimes by locking down entire cities."Bryan Mason, editorial associate