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China Lockdown Angst Rips Through Markets as Stocks, Yuan Plunge

  • Benchmark CSI 300 Index falls to the lowest since April 2020
  • Market falls as Beijing district limits movement, starts tests
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WATCH: One of the top macro hedge funds in China has cut its stock exposure to zero, expecting more pain ahead.Source: Bloomberg
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Fears about the economic toll of China’s strict Covid Zero policy intensified Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. 

The benchmark CSI 300 Index closed nearly 5% down, at the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. The onshore yuan slumped to its weakest level in 17 months on concerns about rising capital outflows and oil sank below $100 on worries over Chinese demand.