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Chinese President Xi Jinping recently crossed wires and again took aim at the United States (US) trade protectionism (indirectly). His comments ignored challenges to China but highlighted global risk.

Key quotes

Growing protectionism is threatening international trade and investment, leading to global economic slowdown.

China’s development is an opportunity for the whole world.

FX implications

While the US-China trade tension is already weighing on the market sentiment, comments like this could add pressure on the riskier assets and Antipodeans while favoring safe-havens like the Japanese yen (JPY), Gold and the Swiss Franc.