China’s Presi. Xi: Expanding domestic demand to be a strategic priority

Dhwani Mehta FXStreet

“China will expand domestic demand as a strategic priority,” President Xi Jinping said while speaking at the Asia-Pacific Economic Cooperation (APEC) forum.

Additional quotes

Will further innovate in science and technology.

Will continue supply-side reform.

China will deepen reforms.

China will not engage in decoupling.

China will further cut tariffs.

China will continue to open its economy.

China will discuss and sign free trade agreements with more countries.

Market reaction

USD/CNY was last seen trading at 6.5613, almost unchanged on the day. The Chines yuan sits at the strongest levels in almost 30 months, courtesy of the higher PBOC fix and the recent drop in the US dollar against its main peers.

USD/CNY fix: 6.5484 vs 6.5762 prior and 6.5590 prior close

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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