Shanghai’s Deputy Mayor Zhang Wei announced plans on Thursday to gradually reopen public transport and allow the resumption of work in zero-COVID areas, as the city prepares for the end of a six-week lockdown.

Additional takeaways

Shanghai port throughput has recovered to around 90% of levels a year ago.

Shanghai to expand work resumption in areas with no covid risk in early June.

Shanghai to require residents to show negative results for PCR tests taken within 48 hours before using public transport.

Shanghai to gradually and in orderly way increase number of trains arriving, departing from Hongqiao railway station.

Shanghai to gradually restore inter-district public transport from May 22.

Shanghai will start to restore long metro trunk lines with high connectivity first.

Shanghai to cut rents for small and medium-sized enterprises by more than 10 billion yuan.

Market reaction

Risk-off flows are gradually easing, reflective of a minor recovery in the S&P 500 futures, as China’s financial hub embarks upon the reopening path.

Although the Asian equities nurse heavy losses. USD/CNY is adding 0.10% on the day to trade at 6.7613, as the Chinese yuan fails to cheer the encouraging news.

This article was originally published by Fxstreet.com.Read the original article here.

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