U.S. President-elect Donald Trump’s hit on the “strong Dollar” as well as Chinese President Xi Jinping’s talk in Davos have contributed to Dollar/Yuan moves.
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Three days before Donald Trump is set to be inaugurated as the 45th U.S. president, a world power with which he has taken an at-times adversarial approach has become the unlikely leader at the world’s most visible gathering of economic elites. “What should concern us is the refusal to face up to the problems”.
However, he warned against ignoring the voices of those who have attacked globalisation, saying instead that they should be taken seriously.
“Some blame economic globalisation for the chaos in our world”, he said, but in fact “excessive chase of profit by financial capital and grave failure of financial regulation” had given rise to the financial crisis. “He who is afraid of bracing against the storm will get drowned sooner or later”, he added.
In one of his many passages peppered with analogies, he likened the world economy to an ocean. “So in some ways it is very symbolic to have the president of China here”.
“We can hope that China in this new world will assume a responsive and responsible leadership role”, Schwab told Reuters.
“We must promote trade and investment, liberalization and facilitation through opening up ― and say no to protectionism”, he said Tuesday.
It took months for Chinese leaders to address the twin crisis publicly, and Beijing dispatched two relatively unknown officials to Davos in January past year. Although China has been called the new “standard-bearer of global free trade”, it’s a theory that has absolutely nothing to do with reality.
The speech marked a significant shift in China’s rhetoric on the Paris climate deal said Li Shuo, an analyst with Greenpeace East Asia.
Is this China’s big moment? Xi said China will continue on a development plan that suits its needs.
After years of double-digit growth, he said that the country’s aim is to achieve a “medium-to-high” level of expansion.
“Overall China’s economy is performing steadily”. “Ready or not, China has become the de facto world leader seeking to maintain an open global economy”.
Fears of a hard economic landing in China roiled global markets during last year’s Davos.
During this first overseas trip by Xi in 2017, which will end on Wednesday, the president will also travel to Geneva and Lausanne to visit the headquarters of the United Nations Office at Geneva, the World Health Organization and the International Olympic Committee.
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Amid rising uncertainty from Trump’s victory in the USA election and U.K’s decision to leave European Union, remarks from Xi shows the attitude of world’s second-largest economy towards worldwide trade and investment.
