China stocks, yuan slide as Beijing doubles down on ‘zero COVID’

China’s stock markets and the yuan slumped on Friday, after the country’s top decision-making body warned against criticism of its controversial “dynamic zero-COVID” policy.

The CSI300 index fell 1.7 percent to 3,943.61 by 01:48 GMT, while the Shanghai Composite Index lost 1.4 percent to 3,024.49. Hong Kong’s Hang Seng fell 2.5 percent to 20,277.17.

China’s yuan also weakened sharply against the dollar in morning trade, sinking to its lowest point in 19 months.

The slump also tracked a fall in global stocks driven by fears that central banks’ efforts to tame inflation by raising interest rates could smother economic growth.

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