Beijing is to propose a reversal of Trump-era China policies during the first high-level meeting with Biden officials
|The Wall Sreet Journal reported earlier that Beijing is to propose a reversal of Trump-era China policies during the first high-level meeting with Biden officials, sources said
China is to propose lifting of US sanctions and restrictions on Chinese companies, party members, sources said.
Key notes
China plans to ask US to roll back Trump policies in the Alaska meeting according to the WSJ.
Chinese officials plan to propose re-establishing regular high-level meetings between China and US according to the WSJ.
Chinese officials also plan to propose scheduling a virtual summit between Xi Jinping; Biden in April during a global conference on climate change according to the WSJ.
China also plans to propose that both countries create a "vaccine passport" to verify proof of immunization according to the WSJ.
Market implications
Meanwhile, as Biden cabinet officials prepare to meet with the Chinese in Alaska on Thursday, the meeting is expected to be a contentious first high-level engagement between the new administration and Beijing.
Secretary of State Antony Blinken and President Biden’s national security adviser Jake Sullivan will be meeting face-to-face with Chinese foreign minister Wang Yi and top Chinese diplomat Yang Jiechi in Anchorage.
China is expected a lot from this meeting, especially considering that Blinken already announced earlier this week that the US is sanctioning 24 Chinese officials over an overhaul of election laws earlier this month.
The US has accused Beijing of an effort to “unilaterally undermine Hong Kong’s electoral system.”
Markets will be tuned in to this meeting for a feel of where things are headed between the two economic powers.
Risk-off will likely favour the US dollar if history is anything to go by when the dollar rallied during the trade wars under the Trump administration.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.