Despite the rumours, the Chinese government isn't about to abandon zero-COVID. Although new measures to tweak the rules raise hopes of a near-term end to the draconian policy, Mark Williams and Julian Evans-Pritchard explain the many difficulties involved in doing so – including the fact that the economy would likely suffer, rather than get a boost, from scrapping it. Plus, Group Chief Economist Neil Shearing discusses the challenges central bankers face at this stage of the monetary tightening cycle, not least in understanding inflation dynamics and how far rates will have to rise accordingly.