Archives of “Xicheng District” tag

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China reaffirms that it is to steadily promote the internationalisation of the yuan

  
Analysis, Forex
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Comments via Chinese state media, Xinhua

China
  • China will increase two-way fluctuations of the yuan
  • China is to improve market-based currency formation mechanism
  • China will deepen market-based interest rate reform
  • China to allow foreign controlled companies in more sectors
  • China to ease market access in the services sector
  • China will minimise direct interference from government on micro-economic activities
Some interesting remarks being communicated at an interesting time. If anything, I would argue that this repeated pledge to further open up its economy and financial markets is to reassure investors that the overall landscape has not changed.
In the big picture though, you have to wonder how the amount of nationalism and xenophobia brought about by the coronavirus crisis is going to translate into business/investment decisions of many companies from all countries across the world.

China vice premier Li: Willing to cooperate with the US on trade balance, market access and investors’ protection

  
  Analysis
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Comments in Xinhua

  • China willing to reach agreement on matters that both sides care about and to prevent friction from further escalation
  • China-US economic and trade relations are very important, with global influence
  • Chinese side came with great sincerity
  • China willing to reach agreement on matters both sides care about
  • Willing to cooperate with the US on trade balance, market access and investors’ protection
Those three issues are key factors for the US. Assume the trade balance comment refers to buying agricultural products. Market access and investor protection is more vague. It could mean ending technology transfer but it could be something far less.
Overall, it’s fairly transparent what China is offering but the US has said previously it doesn’t want a small deal, it wants a big deal. That’s obviously not on the table now and it will be up to the US to decide whether they want escalation or de-escalation.

China’s gold reserves data shows the country bought more again in September – up for the 10th month in a row

  
Analysis, Gold / Silver
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Data from the People’s Bank of China for the month of September 2019

  • China’s gold holdings 62.64 mln ounces compared with 62.45 at the end of August
This is the 10th month in succession gold holdings have increased in China.

China’s Xi calls on all parties to avoid escalating Saudi situation

  
  Analysis
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China’s President on the Saudi attacks in Xinhua

  • Calls fro ‘objective’ and fair investigation of attacks
  • Resolutely supports Saudi efforts to safeguard sovereignty and security
  • Held phone call with King Salman
Translation, we don’t want anyone pushing up oil prices because our economy is slowing.

BREAKING :China to add soybeans, pork to tariffs exemption list – state media

  
Analysis, Economy
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Xinhua reports on the latest developments

  • Says to support companies purchasing US soybeans, pork
I don’t think this comes as too much of a surprise as it has been touted heavily since yesterday already. This is just the official confirmation of the reports that have been out and about over the past 24 hours.
Nonetheless, it will still keep the “feel good factor” in US-China trade relations throughout this week but we’ll see how things go when both sides sit down face-to-face in October.

China state media on the US’ “utile trade war” – stop acting as a “school bully”

  
Analysis, Politics
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Xinhua News Agency the official state-run press agency of the People’s Republic of China urges Washington to start learning at least four lessons from their futile trade war with China

You can click the link here for the four lessons if you like, but in brief its not a conciliatory piece. Some snippets:
  • China is an unbent nail in face of U.S. tactic of maximum pressure
  • China’s determination to fight against the U.S. economic warmongering has only grown stronger
  • their trade war is hurting the American people and businesses
  • the United States should learn how to behave like a responsible global power and stop acting as a “school bully.”
Finishes with a dig at the guy with the little red hat:
  • Only then can America become great again.
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