China’s President Xi: Economy is resilient, sound long-term trend has not changed

Dhwani Mehta FXStreet

China’s President Xi Jinping made some comments on the economy and opposed unilateral sanctions while speaking by video to the annual Boao Forum for Asia gathering on the southern Chinese island of Hainan.

Key quotes

Global economic recovery still fragile, weak.

China will continue to provide more vaccines to other countries.

Efforts needed to stabilise global supply chains.

Should guard against spillover effects from policy changes in some countries.

Countries should abandon cold war mentality, avoid confrontation.

Opposes one-sided sanctions.

Opposes 'long-arm jurisdiction'

Decoupling, cutting off supply and pressure tactics by any country won't work.

China's economy is resilient, sound long-term trend has not changed.

China's will to open up its economy will not change.

Calls for making Asia anchor for world peace, powerhouse for global growth and new pacesetter for international cooperation.

Market reaction

USD/CNY is retreating from near six-month highs of 6.4211, despite the weakest yuan fix since November 11 last year.

The spot is currently trading at 6.4151, down 0.06% on the day.

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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