Covid Lockdown Costs Shanghai Its Yuan Trading Crown

(Bloomberg) — The fallout of China’s “zero-Covid” policy is starting to show in Shanghai’s financial markets, with the city losing its top currency trading hub title for the first time.

Shanghai handled fewer currency deals than Beijing in April, making it second among China’s regions, according to the State Administration of Foreign Exchange. The decline points to another consequence of strict lockdowns and may serve as a case study for the possible implications of movement curbs in major Chinese cities, including Beijing, as Covid cases climb.