Speculation about the fate of China’s "COVID zero" policy has reached fever pitch.

After Chinese President Xi Jinping defended the strategy in his much-anticipated Communist Party congress address in October, investors were left wondering what comes next as the lockdowns and blanket testing that are the hallmark of COVID zero continued.

In the absence of a clear outlook on when it will all end, traders have seized on what they see as signs of progress, with an unverified screenshot of mysterious origins claiming China was making detailed plans to reopen stoking a $450 billion rally last week.