Posted 10/24/2023, 12:33:00 PM
Xi Jinping Visits China's Central Bank Amid Economic Headwinds
- Chinese President Xi Jinping visited the central bank and foreign exchange regulator, sources say
- First known visit since becoming president a decade ago
- Comes as economy and markets grapple with headwinds
- GDP grew faster than expected in Q3 but concerns remain about weakness in private sector
- Central bank has cut rates modestly and pumped cash to support economy
- Bank is constrained in easing due to fears of capital flight and yuan depreciation
- Capital outflows surged to $75 billion in September, most since 2016