HONG KONG-China dropped many of its quarantine and testing requirements and curtailed the power of local officials to shut down entire city blocks, as the country's leaders accelerate plans to dismantle zero-Covid controls in the wake of nationwide protests.
Though widely predicted, Beijing's retreat from its costly and increasingly unpopular pandemic regime has been faster than expected. After being told for years that Covid represented a deadly threat, China's population hasn't been prepared for a sudden shift in policy, especially as infections have surged to a record high with outbreaks across the nation.
China November Exports Fall; Trade Surplus Narrows
BEIJING-China's exports fell for a second consecutive month in November, weighed down by weakening global demand, official data showed Wednesday.
Outbound shipments declined 8.7% on year in November, compared with a 0.3% year-over-year decline recorded in October, according to the General Administration of Customs. The decline was much steeper than the 2% fall expected by economists polled by The Wall Street Journal.
Accounting Red Flags Are Common Among Public Crypto Companies
Investors bemoan the lack of disclosure in the crypto industry. But many crypto companies disclose a lot of information, and some of it is worrisome, a review of financial statements shows.
The blowups of FTX and Celsius Network LLC exposed hidden risks that might have raised red flags for investors, including related-party transactions, commingled customer funds, sketchy record-keeping and questionable accounting. Some of these problems often appear in disclosures by public crypto companies, including weak systems used to keep numbers accurate.
India's Central Bank Raises Rate to Rein In Inflation
India's central bank increased its policy rate in a bid to contain high inflation.
Reserve Bank of India Gov. Shaktikanta Das said Wednesday that the monetary-policy committee decided to raise its policy repo rate by 35 basis points to 6.25%.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-07-22 0631ET
