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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD rises toward after US retail sales miss estimates

EUR/USD is holding onto its gains above 1.21 after the US reported no change in April's retail sales, below 1% expected. The Control Group plunged by 1.5%. The dollar is falling across the pond. US Consumer Sentiment missed with 82.8, yet inflation expectations surged to 4.6%.


GBP/USD trades below 1.41 after US consumption data

GBP/USD is trading above 1.4050, benefitting from the better market mood. Sterling is shrugging off worries about the spread of new virus variants, which may delay the reopening. US retail sales missed estimates, causing jitters. 


EUR/USD Weekly Forecast: Fed may fuel the next leg of rally, bulls eye 1.2240

EUR/USD has been extending its gains amid dovish Fed policy and the eurozone's vaccination drive.   Eurozone PMIs and Fed meeting minutes are set to move the currency pair. Mid-May's daily chart is pointing to further gains.The FX Poll is showing mild downside pressure. 

Read full analysis

Dogecoin bulls hold the key for 40% gains

Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off. A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook. If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Read more

AMC Entertainment Holdings surges on triangle breakout, targets $14.54 and $20

AMC has done it again and in the process is stealing the GameStop crown. Supposedly a movie about the whole GameStop saga is in the works, but if AMC has its way it will be stealing the show. Coming to an AMC theatre near you: "AMC to the moon". AMC closed Thursday at $12.77 for a nice gain of 23.7%, thank you very much.

Read more