Screenshot of no known origin leads to $450bn market rally in China

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A mysterious screenshot with no known origin, widely detailed as “China’s reopening plan”, has rallied Beijing’s shares with gains of $450bn.

The letter, which consisted of just four paragraphs of text, began circulating on Chinese social media platform WeChat this week, prompting speculation about Xi Jinping’s plans to ease stringent COVID restrictions and open up the country by March next year.

The letter was first posted by an anonymous account and did not contain any details about its origin or where the information mentioned in the text came from, according to Bloomberg News which first reported the letter.

However, this news spread like wildfire in the country where citizens are living under strict containment policy.

It claimed that a meeting of COVID-19 experts was held on Sunday at the request of President Xi.

It also said the meeting was organized by China’s top official Wang Huning, one of seven people on the powerful Politburo Standing Committee – attended by members of the economic and propaganda departments there.

The text referred to Mr. Xi as “Big Boss” and used “WHN” to refer to Mr. Wang in a bid to overcome the stringent censorship on WeChat, the only social media platform in the country that used Facebook. , Twitter and all other popular was banned. Forum.

It said meeting participants discussed “accelerating the conditional opening plan, with the goal of opening substantially by March next year”.

The post was also widely shared by stock traders and market analysts as it started gaining momentum. Soon after, the unverified unidentified note triggered a rush in the markets.

Investors were starving for optimism in the Chinese market, which is still beset by the pandemic three years later.

With new cases emerging, China is sticking to a strict Covid containment policy, keeping its borders closed for most international travel, causing mounting economic losses and widespread despair.

The country has yet to make any announcement about when and how it will begin to exit the approach it calls “dynamic zero”.

Meanwhile, on Wednesday, China reported 531 new local COVID cases in the mainland.

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