The bullish reaction in several of the world’s leading stock markets on the news that China has ‘relaxed’ its economy-crimping ‘zero-Covid’ policy was misplaced from all perspectives. Broadly, first, China has not relaxed its zero-Covid at all, it has merely made some minor adjustments. Second, these minor adjustments will make the net effect of its zero-Covid policy worse, as it will lead to a rise in Covid-19 cases, given the complete absence in China of any effective vaccination for, or treatment of, the disease.
…China’s Zero-Covid Tweaks Are A False Flag For Oil Markets
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