China’s Xi: Economy remains resilient despite external risks – Reuters
|Chinese President Xi Jinping crossed wires, via Xinhua reported by Reuters, during the weekend. The dragon leader shrugged off risks from external catalysts while citing economic strength.
Key quotes
The basic characteristics of China’s economy with sufficient potential, great resilience, strong vitality, large space for manoeuvre and many policy instruments have not changed.
We must seek our development in a more unstable and uncertain world.
China has strong manufacturing capacity, very large domestic markets and huge investment potentials, Xi said.
Xi reaffirmed a “dual circulation” strategy that would help steer the economy towards greater self-reliance, as U.S. hostility and a global pandemic increase external risks.
The great rejuvenation of the Chinese nation can never be achieved easily with the beating of gongs and drums.
FX implications
The news seems to have played the role in helping AUD/USD to regain 0.7300 at the week’s start. However, broad challenges to risk catalysts seem to weigh on the risk-on mood.
Read: AUD/USD: Challenges to risk probe the bulls attacking 0.7300
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.