Asian shares hit 7-week low as China doubles down on zero-Covid

SINGAPORE: Asian shares tumbled to their lowest in seven weeks on Friday and the dollar stood tall as investors globally shunned riskier assets over fears that higher U.S. interest rates and China's reinforcement of its zero-COVID policy could hit growth hard.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 2.65% on Friday and fell to its lowest level since March 16, the day when Chinese vice premier Liu He boosted shares by pledging to support markets and the economy.