China: Headwinds remain in place for Q2 as PBOC delays easing

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Asia Macro:

On March 27, Chinese authorities ordered a citywide lockdown in Shanghai. The lockdown was originally intended to take place in two phases, lasting eight days. However, things did not pan out this way. On April 9, the central government took over from local authorities, imposing stricter measures. The approach is based on previous successes in Wuhan, Xi’an, and Shenzhen, where lockdowns were able to curb the spread of the virus within several weeks. However, it’s unclear if this will work in …