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☆ Dollar rises, yuan slumps as China's COVID unrest spooks markets
▼ + stars: | 2022-11-28 | by ( Rae Wee | Ashitha Shivaprasad | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.4% lower at 7.2242 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6681. China's stringent COVID restrictions have taken a heavy toll on its economy, and authorities have implemented various measures to revive growth. Against a basket of currencies, the U.S. dollar index rose 0.07% to 106.41, edging away from its recent three-month low of 105.30.

☆ Dollar gains, yuan slides as China's COVID unrest spooks markets
▼ + stars: | 2022-11-28 | by ( Rae Wee | Ashitha Shivaprasad | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/Illustration/File PhotoSINGAPORE, Nov 28 (Reuters) - The dollar climbed on Monday as protests against COVID restrictions in China rattled financial markets, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.6% lower at 7.24 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6687. The stringent COVID restrictions have taken a heavy toll on China's economy, and authorities have implemented various measures to revive growth.

☆ Dollar rises broadly, yuan slumps as China's COVID unrest rattles sentiment
▼ + stars: | 2022-11-28 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 28 (Reuters) - The dollar gained broadly on Monday as protests against COVID restrictions in China stoked uncertainty and dented sentiment, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. Against the offshore yuan , the dollar rose 0.76% in early Asia trade to 7.2456. The Aussie , which is often used as a liquid proxy for the yuan, fell 0.61% to $0.6714, while the kiwi slumped 0.5% to $0.6216. "Companies are currently facing weaker retail sales from a higher number of COVID cases and falling home prices from unfinished home projects." Against a basket of currencies, the U.S. dollar index was down 0.08% at 106.25, but off its recent three-month low of 105.30.

☆ Twitter searches for China protests bombarded by spam and porn, raising alarms among researchers
▼ + stars: | 2022-11-28 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

The fire, and long simmering frustration over the country’s zero Covid policies, helped spur the rare protests in China. GreatFire.org, which helps Chinese citizens get around the country’s internet censorship, noted a torrent of “dating” spam tweets appearing on Friday tagged with “Urumqi,” the capital of Xinjiang. The flood of spam tweets is still ongoing, Smith told CNN on Monday. Twitter is officially blocked in China, but estimates of the number of Twitter users in China have ranged between 3 million and 10 million. Musk has pushed back on suggestions that his ownership of Tesla, which is heavily invested in China, may give the Chinese government “leverage” over Twitter.

REUTERS/Thomas PeterBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ Asia markets set to fall amid unrest in China over Covid restrictions
▼ + stars: | 2022-11-28 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Police officers block off a street in Shanghai in the area where protests against China's zero-Covid policy took place the night before following a deadly fire in Urumqi, the capital of the Xinjiang region. (Photo by HECTOR RETAMAL/AFP via Getty Images)Asia-Pacific shares are set to trade lower on Monday amid unrest in China over its continued zero-Covid policy and a growing number of cases reported in the nation. That's slightly lower compared against the Nikkei 225's last close at 28,283.03. In Australia, the S&P/ASX 200 fell 0.39%, and the risk-sensitive Australian dollar weakened to $0.6718. Retail sales are also due out in Australia later Monday.

☆ Analysis: China protests highlight Xi's COVID policy dilemma - to walk it back or not
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Thomas Peter/File PhotoBEIJING, Nov 29 (Reuters) - The rare street protests that erupted in cities across China over the weekend were a referendum against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Public dissatisfaction with Xi's zero-COVID policy, expressed on social media or offline in the form of putting up posters in universities or by protesting, is Xi's biggest domestic challenge since the 2019 protests in Hong Kong against an extradition bill. Although this authoritarian arrangement allowed Xi to be more powerful, it also contains vulnerabilities, as exposed by the protests, analysts said. "If he lets go, it would mean that his past zero-COVID policy has completely failed and he would have to take responsibility for it. Xi tried tweaking the zero-COVID policy with the release of "20 measures" last month, in an attempt to standardize prevention measures nationwide and make them friendlier to residents and to the economy.

☆ China sees protests against COVID curbs
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +10 min

CHINA PROTESTS Fire deaths fuel COVID lockdown fury How the protests gained momentumProtests have flared in several cities in mainland China in recent days, in a wave of civil disobedience unprecedented since President Xi Jinping assumed power a decade ago. Protests reported across China Protest mapAlthough the demonstrations in recent days are thousands of miles apart, they share elements in common. Video shows crowds topple police barricades in the street to protest against COVID curbs in China’s Guangzhou Crowds topple police barricades in the street to protest against COVID curbs in Guangzhou, China. Nov. 25 – Urumqi protests Crowds took to the streets at night in Urumqi, chanting "End the lockdown!" Video shows people in China’s Xinjiang protesting against COVID lockdown measures in China Protests against COVID lockdown measures in China's XinjiangIn the capital, Beijing, some 2,700 km (1,678 miles) to the east, some residents under lockdown staged small-scale protests or confronted local officials over movement restrictions.

☆ How we're thinking about our Club stock exposure to China following Covid protests
▼ + stars: | 2022-11-28 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Global stocks slumped Monday on growing concerns about intensifying protests across China over the communist government's strict Covid policies. Apple (AAPL) — Revenue from China : 17.7% (China is the iPhone maker's second-largest market, lagging just the U.S. at 37.5% of sales.) Disney (DIS) — Revenue from China: 4.8% Devon Energy (DVN) — Revenue from China: 0% Estee Lauder (EL) — Revenue from China: 29.7% (China is the cosmetic giant's largest sales market, followed by the U.S. at 19.8%, per FactSet.) Ford Motor (F) — Revenue from China: 4.6% Alphabet (GOOGL) — Revenue from China: 3.8% Halliburton (HAL) — Revenue from China: 1.6% Honeywell International (HON) — Revenue from China: 4.2% Humana (HUM) — Revenue from China: 0% Johnson & Johnson (JNJ) — Revenue from China: 3.1% Eli Lilly (LLY) — Revenue from China: 5.7% Linde (LIN) — Revenue from China: 8.1% Meta Platforms (META): Revenue from China: 2.6% Morgan Stanley (MS) — Revenue from China: 2.6% Microsoft (MSFT) — Revenue from China: 12.4% Nvidia (NVDA) — Revenue from China: 25.8% — keep in mind: Nvidia's revenue is not attributed to the country in which the consumer buys a product that contains one of the company's semiconductors. Procter & Gamble (PG) — Revenue from China: 13.7% (China is P & G's second-largest sales market, with the U.S. accounting for 45.5% of revenue).

☆ Market watchers' comments on COVID-19 protests in China
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

Here's what market watchers are saying about the unrest:ALLAN VON MEHREN, CHIEF ANALYST, DANSKE BANK, COPENHAGEN:"Normally protests in China are aimed at local governments but a crowd in Shanghai directed their protest against the Communist Party and Xi Jinping." "The protests come as the recent tweaks in the zero-Covid policy seem to have backfired as they led to rising cases across the country that subsequently triggered new restrictions being implemented. MARK HAEFELE, GLOBAL WEALTH MANAGEMENT CIO, UBS, ZURICH:"We do not expect economic or market headwinds in China to abate significantly over the coming months. KEN CHEUNG, CHIEF ASIA FX STRATEGIST, MIZUHO, HONG KONG:"The China economy is heading to the direction of reopening but the road to the reopening could be a bumpy one. GARY NG, ECONOMIST, NATIXIS, HONG KONG:"The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category.

☆ China's zero-COVID lockdown protests drag on Chinese and Hong Kong stocks as unrest spooks investors
▼ + stars: | 2022-11-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The eruption of COVID-19 lockdown protests in China are weighing on stocks in the mainland and in Hong Kong. Hong Kong's benchmark Hang Seng Index shed more than 4% at the open and closed 1.6% lower. Mainland China's CSI 300 index dropped 1.1% on the day amid the demonstrations. The Hang Seng Index in Hong Kong dropped as much as 4% early in the day before recovering to close at about 1.6% lower. Mainland China's CSI 300 index shed 1.1% on the day.

☆ U.S. criticizes China's zero Covid strategy, says Beijing needs to boost vaccination among elderly
▼ + stars: | 2022-11-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

The White House on Monday criticized Beijing's zero Covid strategy as ineffective and said the Chinese people have a right to peacefully protest. "We've said that zero COVID is not a policy we pursuing here in the United States," the NSC spokesperson said. Vaccination rates among the elderly, one of the groups most vulnerable to Covid, are low in China compared to other countries. Dr. Ashish Jha, head of the White House Covid task force, said China should focus on making sure the elderly get vaccinated. Lockdowns and zero COVID is going to be very difficult to sustain," Jha told ABC's "This Week" on Sunday.

☆ China's state TV is editing out close-ups of unmasked people at the World Cup, as its strict COVID rules spark mass protests
▼ + stars: | 2022-11-28 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +2 min

Chinese state TV edited out World Cup footage showing maskless attendees, Bloomberg reported. China has a strict zero-COVID policy, with harsh restrictions in place. A resident told the BBC that people were largely prevented from leaving their homes in recent months, although state media has denied this. People travelling to the World Cup in Qatar are not required to show a negative coronavirus test, and the country only requires individuals to wear masks when they are visiting healthcare facilities. People in China have noted on social media that no one is wearing masks at the tournament, comparing it to China's strict rules, Bloomberg reported.

☆ BBC journalist was 'beaten and kicked by police' in Shanghai while covering zero-COVID protests
▼ + stars: | 2022-11-28 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Edward Lawrence, a BBC journalist, was arrested while covering zero-COVID policies in Shanghai. A BBC spokesperson said he was "beaten and kicked by police" during the arrest. Protests have been ongoing in Shanghai, Beijing, and Nanjing regarding the strict lockdowns. Prior to his arrest, Lawrence was posting on social media about ongoing protests in Shanghai, where citizens have gathered to object to stringent zero-COVID policies. "The BBC is extremely concerned about the treatment of our journalist Ed Lawrence, who was arrested and handcuffed while covering the protests in Shanghai," The Guardian reported a spokesperson for the British public service broadcaster said.

☆ Dollar gains, yuan slides as China's Covid unrest spooks markets
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: +3 min

The dollar climbed on Monday as protests against Covid restrictions in China rattled financial markets, sending the yuan sliding and pushing nervous investors toward the safe-haven greenback. Worries over the unprecedented wave of civil disobedience in a country where in-person protests are rare, the rising Covid cases, as well as how Beijing will react to the situation kept investors on edge. The offshore yuan fell to an over two-week low in Asian trading, and was last roughly 0.6% lower at 7.24 per dollar. The Australian dollar , often used as a liquid proxy for the yuan, slid more than 1% to $0.6687. The stringent Covid restrictions have taken a heavy toll on China's economy, and authorities have implemented various measures to revive growth.

☆ China COVID cases hit fresh record high after weekend of protests
▼ + stars: | 2022-11-28 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +4 min

REUTERS/Thomas PeterBEIJING, Nov 28 (Reuters) - China posted another record high COVID-19 infections on Monday, after an extraordinary weekend of protests across the country over restrictive coronavirus curbs, in scenes unprecedented since President Xi Jinping assumed power a decade ago. The deadly fire fuelled speculation that COVID curbs in the city, parts of which had been under lockdown for 100 days, had hindered rescue and escape, which city officials denied. China has stuck with Xi's zero-COVID policy even as much of the world has lifted most restrictions. China on Monday reported a fifth straight daily record of new local cases of 40,052, up from 39,506 a day earlier. Reporting by Martin Pollard; Writing by Tony Munroe and Brenda Goh; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ China doubles down on its 'zero COVID' rules while protests in major cities grow
▼ + stars: | 2022-11-28 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +4 min

Two international politics experts told Insider that while reversing some zero COVID policies could ease protestors, it won't be enough to send them home for good. But the government has shown no signs of easing any other zero COVID rules. Protesters around the country held up blank, white pieces of paper above their heads to protest against the zero COVID policies. But he doesn't predict a "broader relaxation of the zero covid policy." Xi voiced those concerns during a visit to Wuhan Tuesday in response to the zero COVID policies, state news agency Xinhua reported.

☆ Comments from market watchers on the COVID-19 protests in China
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

ALVIN TAN, ASIA FX STRATEGIST, RBC CAPITAL MARKETS, SINGAPORE:"The scale of the protests will necessarily elicit a response from Beijing. KEN CHEUNG, CHIEF ASIA FX STRATEGIST, MIZUHO, HONG KONG:"The China economy is heading to the direction of reopening but the road to the reopening could be a bumpy one. "Overall, the China Q4 growth outlook should remain grim given the COVID resurgence and the related mobility tightening. GARY NG, ECONOMIST, NATIXIS, HONG KONG:"The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. MARTIN PETCH, VICE PRESIDENT, MOODY'S INVESTORS SERVICE:"We expect the protests ... to dissipate relatively quickly and without resulting in serious political violence.

Nov 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Thousands of people are taking to the streets in several cities across the country in an unprecedented protest against the government's stringent COVID restrictions after a deadly apartment fire in Urumqi in the country's far west. The wave of civil disobedience and clashes between protestors and police come amid mounting frustration over President Xi Jinping's signature zero-COVID policy. It's safe to say that this does not happen very often, and the world is watching intently to see how Beijing handles the brewing crisis. From an immediate market perspective, the COVID surge and nationwide unrest snuff out any hope China is about to re-open its economy.

☆ Chinese Protests Spread Over Government’s Covid Restrictions
▼ + stars: | 2022-11-27 | by ( Lingling Wei | ) www.wsj.com time to read: 1 min

Protests against Covid-related restrictions have broken out in several Chinese cities, including in Urumqi, Xinjiang, as shown in this image taken from a video. Protests are erupting in several major cities in China over President Xi Jinping ’s zero-tolerance approach to Covid-19, an unusual show of defiance in the country as the economic and social costs from snap lockdowns and other strict restrictions escalate. The protests followed demonstrations on Friday in Urumqi, the capital of the remote region of Xinjiang, where a deadly fire enraged city residents who had struggled with lockdowns of more than 100 days. Residents flooded social media with comments suggesting the government’s Covid restrictions contributed to a delay in putting out the fire, in which officials said 10 people died.

☆ More anti-Covid protests in China triggered by deadly fire
▼ + stars: | 2022-11-27 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

TAIPEI, Taiwan — Protests against China’s restrictive Covid-19 measures appeared to roil in a number of cities Saturday night, in displays of public defiance fanned by anger over a deadly fire in the western Xinjiang region. A protester who gave only his family name, Zhao, said one of his friends was beaten by police and two friends were pepper sprayed. Posts about the protest were deleted immediately on China’s social media, as China’s Communist Party commonly does to suppress criticism. The Associated Press could not independently verify all the videos, but two Urumqi residents who declined to be named out of fear of retribution said large-scale protests occurred Friday night. The AP pinpointed the locations of two of the videos of the protests in different parts of Urumqi.

Later on, they shouted, “lift lockdown for Urumqi, lift lockdown for Xinjiang, lift lockdown for all of China!”, according to a video circulated on social media. [1/3] Workers in protective suits keep watch behind a barrier at a sealed restaurant area, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 26, 2022. Some posted screenshots of street signs for Wulumuqi Road, both to evade censors and show support for protesters in Shanghai. Shanghai's 25 million people were put under lockdown for two months earlier this year, an ordeal that provoked anger and protest. A video shared with Reuters showed Beijing residents in an unidentifiable part of the capital marching around an open-air carpark on Saturday, shouting "End the lockdown!"

☆ Anti-government protests spread to Shanghai and Beijing as anger grows over China's strict zero-COVID policy
▼ + stars: | 2022-11-27 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

Shanghai is gripped by anti-COVID-19 protests, which are also happening in Xinjiang, Beijing, and Nanjing. Earlier this week, China reported a record number of COVID-19 cases. On Saturday, Shanghai, China's most populous city and its financial hub, became the latest flashpoint for the anger of of Chinese people. Per the BBC, protests are also happening in Urumqi city, Beijing, and Nanjing, in eastern China, all cities with rising COVID-19 cases and increasing levels of restrictions. Earlier this week, China reported a record number of COVID-19 cases across the country, with 31,444 new COVID cases in the country on Thursday.

☆ Shanghai hit by Covid protests as anger spreads across China
▼ + stars: | 2022-11-27 | by ( ) www.cnbc.com time to read: +2 min

The fire on Thursday that killed 10 people in a high-rise building in Urumqi, capital of the Xinjiang region, has sparked widespread public anger. Later on, they shouted, "lift lockdown for Urumqi, lift lockdown for Xinjiang, lift lockdown for all of China! At another point a large group began shouting, "Down with the Chinese Communist Party, down with Xi Jinping", according to witnesses and videos, in a rare public protest against the country's leadership. China is adhering to its zero-COVID policy even while much of the world tries to coexist with the coronavirus. On Sunday, Xinjiang officials said public transport services will gradually resume from Monday in Urumqi.

☆ Apple restricted AirDrop capabilities in China ahead of anti-government protests, leaving dissenters without key communication tool as demonstrations spread
▼ + stars: | 2022-11-27 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

Apple limited the use of AirDrop tools in China earlier this month ahead of anti-government protests. The restrictions, which limit sharing via AirDrop to up to 10 minutes, are exclusive to China. Demonstrations erupted across the country this weekend in response to strict zero-COVID policies. Typically, users can opt to receive AirDrop content from everyone for an unlimited period of time. Earlier this month, the company told Bloomberg it intends to roll out the setting globally to prevent unwanted file sharing.

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