Investors seduced by rumours about China’s grand reopening
Investors are repeatedly reacting to unsubstantiated speculation that China may ease pandemic restrictions, but there is nothing to indicate Xi Jinping is willing to backflip on COVID zero.
Tokyo | China-exposed stocks have rallied twice in the past week on rumours that Xi Jinping is preparing to ease the country’s COVID restrictions.
Investors have been left disappointed both times as government officials quickly hose down any suggestion Beijing is going to make a sudden U-turn on the Chinese leader’s most politically sensitive policy.
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Michael Smith is the health editor for The Australian Financial Review. He is based in Sydney. Connect with Michael on Twitter. Email Michael at michael.smith@afr.com
