On a tour in Shanghai ahead of an import fair later this week, China’s President Xi Jinping said- late-Sunday that Beijing will promote the globalization of Shanghai’s financial markets through the Belt and Road Initiative, as cited by KFGO News.
Key Quotes:
The financial hub should courageously jump into the ocean of the world’s economy and fight the storms to build strong tendons and strengthen the bones.
The newly expanded free trade zone (FTZ) in the city will serve as a hub to develop the onshore and offshore businesses in a coordinated way and a springboard for corporate overseas ambitions.
The above comments have little to no impact on the market in early Asia this Monday, with better market mood and broad dollar weakness keeping most major buoyed. Further, Friday’s US-China trade optimism is also seen translating gradually into the Asia opening, despite Japanese markets closed on a national holiday.
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