CHINA-LEADERSHIP: CHINESE PRESIDENT XI JINPING VISITED THE PEOPLE'S BANK OF CHINA AND STATE ADMINISTRATION OF FOREIGN EXCHANGE
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Bloomberg and Reuters reported (October 24) that Chinese President Xi Jinping, for the first
time, paid a visit to the People's Bank of China (PBoC) and the State Administration of Foreign
Exchange (SAFE) on October 24. He was accompanied by Vice Premier He Lifeng and other
government officials. There have been no mentions so far of the visits in PRC media.
(Comment: The timing of Xi Jinping's visit, just before the delayed National Financial Work
scheduled for next week, is interesting. What it signals for those hoping for more supportive
policies for the economy and financial markets is unclear. While it could be a positive sign of
more policy palliatives coming, it could also be a message to the PBoC and SAFE to further
harden the financial system, while strengthening Party leadership and further cleaning up the
financial system. Bloomberg also added that Central Huijin Investment Ltd., a unit of the $1.4
trillion wealth fund CIC, on Monday bought an undisclosed amount of exchange-traded funds
and vowed to keep increasing its holdings in the latest attempt to boost the country’s slumping
stock market. Earlier this month, Huijin bought shares in China’s largest state banks.)
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