Xi Makes Unprecedented PBOC Visit in Sign of Focus on Economy

Bloomberg: Chinese President Xi Jinping visited the country’s central bank for the first time in his ten years in power. Along with Vice Premier He Lifeng and other government officials, he visited the People’s Bank of China and the State Administration of Foreign Exchange in Beijing today. The vice premier also visited the sovereign wealth fund, the interlocutors added.

▪️ Investors are closely watching Xi’s movements for possible political signals. The chairman’s visit will underline recent Communist Party rhetoric about “centralised and unified” leadership of the financial industry.

▪️ Xi’s presence reinforces a number of recent government moves to boost growth and stabilise markets.
One interlocutor said Xi’s visit is partly aimed at getting a better look at China’s $3 trillion foreign exchange reserves. Xi’s latest visit could prompt officials to further use their policy tools to strengthen the economy and ensure financial stability.

The entire article can be read at the link https://www.bloomberg.com/news/articles/2023-10-24/xi-makes-unprecedented-pboc-visit-in-sign-of-focus-on-economy