Chinese Communist Party Chairman Xi along with Vice Premier He Lifeng and other government officials, visited the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday.
Reuters carried the info, citing unnamed sources.
Adding ominously:
- The purpose of the visit was not immediately known.
- The PBOC and SAFE could not be immediately reached for comment outside of business hours.
This is the first visit to the PBOC by Xi since he took over as supreme leader in China more than a decade ago.
It comes as Chinese authorities, including the People’s Bank of China, grapple with economic problems, and diffidence from Xi. Past days have seen a ramping up of interest in boosting the economy and markets:
- China will issue an additional 1 trillion yuan ($137 bn) in treasury bonds in Q4
- China’s sovereign wealth fund bought ETFs to prop up puking stock market
While investors seem scared:
People’s Bank of China Governor Pan Gongsheng. At the moment anyway.
This article was written by Eamonn Sheridan at www.forexlive.com. Source