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China Urges Foreign Banks to Avoid Sensitive News – Insider

Chinese regulators contacted major US banks recently and told them to avoid publishing politically sensitive research ahead of the Communist Party’s national congress, then denied doing this


Chinese officials have asked major US banks to avoid publishing politically sensitive research prior to the national congress this month.
Chinese President Xi Jinping attends a meeting of the council of heads of the Shanghai Cooperation Organization (SCO) member states at a summit in Samarkand, Uzbekistan on Sept 16, 2022. Photo: Sultan Dosaliev, Kyrgyz Presidential Press Service h'out via Reuters.

 

Chinese regulators contacted major US banks such as Goldman Sachs and JPMorgan recently and told them to avoid publishing politically sensitive research ahead of the Communist Party’s five-yearly national congress, according to the Wall Street Journal and other media, which noted that officials from the Chinese Securities Regulatory Commission later denied doing this.

The Congress starting in two weeks is significant because CCP members are expected to extend President Xi Jinping’s rule to a third term, but the 20th National Congress “comes amid growing public discontent over Beijing’s handling of the economy,” Markets Insider reported.

Last week China told state-owned banks to get ready to sell dollars to buy yuan in a bid to bolster the currency which fell to its worst level for years because of the dollar’s increasing strength. But the PBOC boosted liquidity by 843% – a large injection “which could have been motivated in part by the upcoming Communist Party summit”, the Insider report said.

Read the full report: Market Insider.

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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