Recent analysis and commentary, including from Chan Ka Sing, indicate that Chinese President Xi Jinping prioritizes strengthening the yuan over the stock market as part of his ambition to establish China as a dominant financial power. This focus on a strong currency aligns with Xi's vision of China becoming a 'financial powerhouse,' a term that has been echoed by various financial commentators. However, this goal suggests a potential decrease in business opportunities for Wall Street financiers who have been eager to enter the Chinese markets. Moreover, it implies an increase in control by the Communist Party over China's financial sector.
When Xi Jinping talks about building China into a “financial powerhouse,” that doesn’t mean more China business for Wall Street. It means stepped-up Communist Party control. @Lingling_Wei https://t.co/mxaO1fUHFZ https://t.co/mxaO1fUHFZ
Xi wants to make China a “financial powerhouse.” For Wall Street financiers who for years have been waiting to crack open the Chinese markets, their hats in hand, that vision could mean even less Chinese business. In today’s WSJ China: https://t.co/6VfNhqIJK1 https://t.co/rn44ZXZqgL
From @Breakingviews: A strong currency is central to President Xi Jinping’s goal to make China a financial power. A strong stock market can wait, says Chan Ka Sing https://t.co/xJRBu4jTOH
A strong currency is central to President Xi Jinping’s goal to make China a financial power. A strong stock market can wait, says #ChanKaSing https://t.co/qbPMhICimW https://t.co/enHYrlqZFX
From Breakingviews - Breakingviews - Strong yuan, not stock market, tops Xi’s wish list https://t.co/65Ecku8voO https://t.co/65Ecku8voO