Markets are now seeing signs of the "All Open" Chinese COVID policy, as their authorities have scrapped all government testing. Workers are starting to call in sick. China's covid surge could be devastating .

(Chart above shows the Yuan-Dollar swaps with recent reports suggesting that the sudden drop in volumes was attributed traders calling in sick from COVID a week after the Chinese authorities have scrapped all major COVID restrictions.)

With Chinese vaccination rates at 3 doses at an average of  70% for ages over 60,  utilizing the 'dead virus' COVID vaccine which has not been updated to deal with the Omicron variants, more so the plethora of sub-variants that even the West, with its mRNA vaccines, have struggled to keep up with.  China has about faced its strict lockdown and zero COVID strategy to literally an open all economy mentality.  It is beyond comprehension to understand the logic from one extreme to another with government officials playing the alt-right American playbook of it is 'no worst than the flu'.  With an older population that may have completely adopted vaccine hesitancy and if China is skeptical of the efficiency of the mRNA as the only vaccine that works effectively against Omicron; then this new outbreak in China will be devastating.   

And globally we may all have to deal with this once again, if China does let it rip through.   A whole new mutation could evolve, vastly more deadly than the current strains.  Refer:  www.reuters.com/business/healthcare-pharmaceuticals/whos-tedros-says-new-covid-variant-concern-could-emerge-2022-12-02/