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

Asian shares tumbled to their lowest in seven weeks today but the dollar stood tall as investors globally shunned riskier assets over fears that higher US 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 2.54 percent this morning 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 Chinese economy.

The benchmark is down 3.6 percent from last Friday's close, which would be its...