China stocks see-saw near 2-year lows as Shanghai extends lockdown

Nearly-empty roads during a lockdown due to Covid-19 in Shanghai, China, on Wednesday, on April 20, 2022. Carmakers to supermarkets are gradually resuming operations in Shanghai as the city seeks to recover from the economic toll of an unprecedented lockdown that’s still restricting more than 16 million people to their homes. Photographer: Qilai Shen/Bloomberg

SHANGHAI: China stocks see-sawed near two-year lows on Friday and the yuan extended losses as strict COVID-19 lockdowns paralysed economic activity in many big cities, even as authorities vowed to provide more help to smaller firms hardest hit by the pandemic.

Shanghai authorities doubled down on their offensive against the virus, launching a new round of city-wide testing and warning residents their three-week lockdown would only be lifted in batches once transmission is stamped out.