Here at our CUSEF blog, we share news, updates and stories about China and the United States. We provide more than a cursory glimpse of what’s going on between the two powers - here, we offer an in-depth look into their current state of affairs.

CUSEF Express

CUSEF Express - March 16, 2022

Daily highlights of developments that affect China and the U.S.
Daily highlights of developments that affect China and the U.S.

Qin Gang on disinformation about Ukraine

  • Chinese Ambassador to the U.S. Qin Gang published a commentary (En/Ch) in The Washington Post, denying that China had prior knowledge of the Russian military operations in Ukraine. “Assertions that China knew about, acquiesced to or tacitly supported this war are purely disinformation,” wrote the ambassador.

China’s Covid lockdowns affect global supply chain

  • Mainland China reported more than 5,100 new Covid-19 infections on Tuesday, the highest daily increase since the Wuhan outbreak two years ago. The surge in the Covid cases has triggered lockdowns in major cities, and the global market has felt a supply chain disruption as a result. The productions of cars, phones, computer cables, and circuit boards are among the victims of the measures.

Sanctions on Russia worsen inflation

Chinese stocks hit by massive sell-off

  • Affected by the Ukraine crisis, the Chinese shares in the U.S. sank 72% yesterday at a level close to the sell-off during the 2008 financial crisis, almost matching the Nasdaq plunge in the 2000s dot-com crash.

Saudis consider using yuan in China oil deals

  • While the Chinese stocks are suffering a loss, investors see a boost in Chinese currency as Saudi Arabia considers using yuan in some oil transactions with China. The kingdom appears to signal a distancing from the U.S. But riyal’s pegging to the dollar could limit the impacts of the move.

U.S.-ASEAN summit postponed over scheduling rift

  • The U.S.-initiated summit with ASEAN countries will be postponed because some leaders of the Southeast Asian bloc “are unable to join the summit on the proposed date,” the Cambodian foreign minister announced. U.S. President Joe Biden planned to host the meeting on March 28 and 29. There is no new date suggested.
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