Chinese stocks were on a sharp rebound on Tuesday as there were hopes that the COVID restrictions in China could be eased soon as protests erupted in the country over the weekend.
Bloomberg reported that China’s National Health Commission (NHC) released a statement following the protests. The NHC said that local authorities must look at responding and resolving “‘reasonable’ Covid requests from the public in a timely manner while reducing the inconvenience caused by outbreaks.”
According to Bloomberg, Chinese stocks listed in the Hong Kong market were headed for their best month since the year 2003 on Tuesday while the yuan was looking at its biggest monthly gain over the past four years.
Shares of Baidu (BIDU) were up in pre-market trading in the U.S. as the company announced plans to build the world’s largest autonomous ride-hailing service area by next year.
The SPDR S&P China ETF (GXC) has lost more than 30% in value in the past year.