Your Evening Briefing: China Moves to Address Its Covid Crisis

China said it would bolster vaccinations of senior citizens, a move regarded by health experts as crucial to reopening an economy that’s been stuck in a loop of “Covid zero” curbs. But it stopped short of announcing mandates that helped raise inoculation rates in other countries. The push comes days after protests erupted in cities from Beijing to Shanghai and even Kashgar as frustrated citizens took to the streets, urging an end to the curbs put in place by Xi Jinping. Rising infection rates and popular anger have combined to trigger a fresh crisis for a Communist government already facing disrupted businesses and slowing growth. Some Chinese officials however are striking a conciliatory tone in the face of the unrest, saying local authorities must respond to and resolve “reasonable” Covid requests from the public in a timely manner.

Risk appetite has suddenly soured on one of the biggest corporate credit exchange-traded funds. More than $3 billion exited the $36 billion iShares iBoxx $ Investment Grade Corporate Bond ETF on Monday, Bloomberg data show. That’s the biggest one-day outflow since the fund’s inception in 2002.