China’s peace plan on Ukraine gains mixed response

Anil Panchal FXStreet

China unveiled a 12-point proposal and called for a cease-fire between Russia and Ukraine, after witnessing global criticism of its ties with Moscow.

“The position paper issued by the Foreign Ministry in Beijing on Friday called for ending hostilities, protecting nuclear plants, resuming peace talks and eliminating unilateral sanctions — a provision the US has consistently rejected,” reported Bloomberg.

On the other hand, Ukraine’s Charge D'affaires praised the Dragon nation’s efforts while saying, “China’s publication of this position paper is a good sign and a sign that it wants to be involved in the global efforts to stop the war in Ukraine.”

Key comments

We have a peace plan and we hope China supports this.

Ukraine would like to see China on its side, at the moment China is not supporting Ukraine efforts.

We expect China to be more active in its support of Ukraine.

We hope China urges Russia to stop the war and withdraw its troops.

We would like to see China be more active and do more to end the war.

Additionally, EU Delegation Head in China seems unhappy with the developments while mentioning, “China's position paper on Ukraine is not a peace proposal.”

The EU Diplomat also stated that China should fulfill its responsibility to defend the UN (United Nations) charter in face of aggression by Russia.

Market reaction

Markets remain jittery as the mixed geopolitical headlines join the cautious mood ahead of the US Personal Consumption Expenditures (PCE) Price Index data for January.

Also read: S&P 500 Futures struggle to track Wall Street’s gain amid volatile yields, US PCE Inflation eyed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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