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No sign of China easing lockdown rules as covid cases continue to rise.  Eyed PBOC

China reported a seventh straight day of record covid cases at 24,101, including 21,222 in Shanghai as the outbreak continues to spread.

Mass testing continues and there is no end in sight to a lockdown that was due to end on April 5. Traffic at the airport is largely blocked and the largest port in the world is half functioning.

Four rounds of mass testing have already taken place and today a fifth round has started.

There are signs of rising infections elsewhere and in Beijing authorities have tightened control measures with 64 patients in the city currently under treatment.

“Beijing is at a crucial time for pandemic control,” Pang Xinghuo, deputy director of the Beijing Center for Disease Prevention and Control, told a news conference on Thursday. “Global infections are at high levels. At the national level, the pandemic is spreading widely and rapidly. We will stick to the “dynamic zero strategy”.

There is growing discontent in Shanghai as well as complaints about the lack of access to food.

The higher the rate of infections, the greater the risks to global growth and the global supply chain.

To soften the blow from the shutdowns, a growing number of market watchers are waiting for the PBOC to cut rates next Friday (Good Friday). Whatever they decide will set the tone for the end of next week and the start of the next.

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