Diplomatic backchannel helps dial down tensions
- A think tank affiliated with the Chinese Foreign Ministry visited New York and met with a U.S. group led by Maurice “Hank” Greenberg before the Bali summit between Presidents Joe Biden and Xi Jinping, The Wall Street Journal reported. President Xi was said to approve the Chinese group’s trip. The meeting lasted two days, from November 10 to 11. The host, Mr. Greenberg, is the chairman and CEO of insurance and investment company C.V. Starr & Co. and is known as an “old friend of China.” In July, the key Republican donor called for rebuilding U.S.-China relations and set up a group of senior policy advisors and prominent business executives.
Xi to attend Arab summit in Saudi Arabia
- Chinese President Xi Jinping will probably visit Saudi Arabia early next month for the first Arab Chinese Summit. The expected trip would be the President’s first to the kingdom since January 2016. Saudi Arabia and Russia have been China’s top oil suppliers for years.
Several leaders visiting China
- President Xi will meet with several leaders in China. Here is the visiting agenda:
U.S. extends China tariff exclusions on COVID products
- The U.S. extended its tariff exclusions on 81 Chinese COVID-related medical products for another 90 days. The announcement by the Office of the United States Trade Representative (USTR) on Wednesday avoided the exclusions to expire on November 30.
Russia’s Uralchem sells fertilizers to Brazil in yuan
- Russia’s Uralchem consortium, the world’s leading fertilizer producer, is selling its products to Brazil in Chinese yuan, co-owner of the company Dmitry Mazepin told Russian President Vladimir Putin on Wednesday. Russia has significantly increased its use of yuan after the Ukraine war broke out in late February. According to SWIFT, Russia was the fourth-largest market for offshore yuan payments in October, making up 3.33% of offshore yuan settlements. Until March, the percentage was close to zero, and the country ranked behind at least 15 economies in yuan transactions.