Technical Analysis

COVID – Protests erupt across China: “Step down, Xi Jinping! Step down, Communist Party!”

I posted the early FX rates here:

Monday morning open levels – indicative forex rates – 28 November 2022

The USD is up (risk sentiment is shaky) on the news out of China over the weekend on widespread protests over the Chinese Communist Party’s (mis) management of COVID policy. This from CNN for example:

  • Protests erupted across China throughout the weekend
  • hundreds chanted “Step down, Xi Jinping! Step down, Communist Party!”
  • A deadly fire at an apartment block in Urumqi, the capital of the far western region of Xinjiang, which killed 10 people and injured nine on Thursday has acted as a catalyst for searing public anger, as videos emerged that seemed to suggest lockdown measures delayed firefighters from reaching the victims.
  • In China’s biggest cities, from the financial hub of Shanghai to the capital Beijing, residents gathered to grieve the dead from the Xinjiang fire, speak out against zero-Covid and call for freedom and democracy.

Our thoughts are with the Chinese people. I vividly remember students being crushed under army tanks in Tiananmen Square in 1989. Iran has reminded us only this month of the brutality a one-party state can inflict on its people. Lets hope the Chinese Communist Party does not unleash the armed forces on people this time.

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