Xi Makes Unprecedented PBoC Visit In Sign Of Focus On Economy (BBG)

MNI (London) - On top of the fiscal headlines BBG sources previously noted that “Xi Jinping made his first known visit to China’s central bank since he became president a decade ago, underscoring the government’s increased focus on shoring up the economy and financial markets.”

• “Xi, along with vice premier He Lifeng and other government officials, visited the People’s Bank of China and the State Administration of Foreign Exchange in Beijing on Tuesday afternoon.”
• The sources flagged that “his visit to the foreign exchange regulator is partly aimed at better understanding China’s $3 trillion of currency reserves,”
• BBG went on to suggest that “Xi’s visit may prompt officials to dig further into their policy toolboxes to support the world’s second-largest economy and safeguard financial stability. Policymakers have so far refrained from using massive stimulus and outsized intervention in the markets.”
• USD/CNH showed little to no sensitivity re: the story.