Comments from Xi on France:
- Hopes to reach more consensus and achievements with Macron
- Sent signal to firmly uphold multilateralism and free trade
- Together they sent signal to build an open world economy
Europe will never turn away from the seduction of Chinese trade. The US wants to take on China but unless they can build a coalition that includes Europe, convincing Beijing to change will be an impossible task.
Another important development today was that China tapped the European market for debt denominated in euros. The issue was massively oversubscribed. The euro is quickly becoming the world's funding currency, supplanting the yen. That will keep money flowing out of EUR and keep the currency pinned to the floor.
