Chinese President Xi Jinping will reportedly travel to two Central Asian states later this month to mark his formal return to international diplomacy. The Foreign Ministry of Kazakhstan said on Monday that President Xi will first travel to Nur-Sultan before heading to neighboring Uzbekistan for a summit meeting of the Shanghai Cooperation Council on September 15 and 16th. There is also speculation President Xi will meet with his Russian counterpart Vladimir Putin. (FINANCIAL TIMES)
There’s growing concern over the impact that China’s slumping currency will have on already beleaguered emerging market economies. The devalued RMB, now trading precariously close to the psychologically important mark of 7 to the dollar, will reduce the cost of Chinese exports — bad news for manufacturers in Africa, Asia and the Americas. “The impact will be felt the most by nations which compete directly with China on exports,” said Per Hammarlund, the chief emerging markets strategist at Skandinaviska Enskilda Banken AB.(BLOOMBERG)
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