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China’s Government Keeps Busy with Military Parade, Secret Retreat, Local Government Financing Reform

August 7, 2017

China’s top leadership kept busy last week, jetting from a massive military parade in Inner Mongolia to a secret coastal retreat in Hebei progress. Taken together, the events signify that President Xi is working hard to project his supreme authority ahead of a potential cabinet reshuffle during this autumn’s Party Congress.

Also making headlines, the RMB’s appreciation against the USD continues apace, effectively reversing 2016 trends. Contributing to the strength, outbound direct investment fell nearly 43% YoY, though China’s authorities remain reluctant to admit their involvement.

Further discussion of these blurbs can be found in the attached note.

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The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles.