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The Exchange - Sep 30, 2022

2022-09-30
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  • Biden Hosts First Ever Pacific Island Summit | U.S. President Biden hosted a two-day summit for Pacific Island leaders this week to strengthen U.S. ties with the region, as the U.S. works to counter China’s growing influence in the Pacific. This summit was the first of its kind and covered a range of topics from climate change, to maritime security, and to economic recovery. On the eve of the summit, leaders from the Solomon Islands rejected a draft of a diplomatic agreement with the U.S., getting the summit off to an uncertain start.
  • The Yuan Sinks To 14-Year Low | The Chinese yuan dropped to its weakest level since 2008 this week as the U.S. dollar keeps strengthening after rounds of rate hikes. The People’s Bank of China had tried to boost its currency after the yuan breached the psychological threshold of 7 per dollar two weeks ago. There may be more measures to come. The Vice Governor of the central bank commented that the two-way fluctuation of the currency is the norm.
  • Wang and Blinken Discuss Taiwan | U.S. Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi met on last Friday in New York and discussed concerns over Taiwan. The meeting, which took place during the United Nations General Assembly, was described as direct and candid, with both sides reiterating the need for open communication.


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