This comes after the latest round of mass testing saw just 35 new COVID-19 cases reported today, down from 95 the day before. That said, local authorities did mention earlier in the week that any easing of lockdown measures will only come when 'zero social transmission' is achieved. So, we'll have to wait and see on that.
But for now at least, the impression given out is that the virus situation is under control. And that is somewhat of an encouraging sign for risk and global markets.
However, just be wary that Xi'an isn't the only Chinese city under scrutiny right now. Yuzhou's over 1 million residents were also placed under lockdown yesterday and the 12 million residents of Zhengzhou has been ordered to undergo mass testing after 11 cases were detected in recent days.