China President Xi: China to lower auto and auto product import tariff later this year,

  • Open sector to higher foreign ownership
  • China reform and opening will definitely succeed, world should push for free trade
  • Cold war mentality is out of place, its a zero sum game, isolationism will hit walls
  • China will not threaten others and will not undermine existing global order
  • Reiterates dialogue is the way to resolve disputes
  • States must refrain from seeking dominance
  • Need to uphold multilateral trading system
  • Globalization should be more inclusive
  • China to resolutely deepen reform and supply side reform; will carry them out to the end and break vested interests
  • To explore setting up free trade ports
  • China will not be a threat to the world or existing global system
  • Door of China wont be closed but will be wider
  • China won’t seek spheres of influence
  • Globalization is irreversible trend
  • China to relax market threshold, will widen access to market
  • China to implement financial and insurance market opening measures
  • China auto, ships and aircraft sectors to be opened, conditions are rips for opening auto sector, to increase allowed foreign ownership in auto companies 
  • China will expand business cope for foreign funded firms 
  • China to expand imports
  • Hopes that developed countries remove barriers on high tech exports to China
  • Calls for building a community with a shared future for mankind
  • Opening up leads to progress while closure leads to backwardness
  • China will not pursue forced deals under belt and road
  • China does not play geopolitical game

After his speech a lot of advisers, ministers gave their own little comment but apart from the line to defend China’s interests, it’s all been pretty reconciliatory in tone, hence risk is trading better this morning, especially commodity currencies have benefited. The Trump administration mixed messages on wether to press forward with the implementation of the tariffs makes me think it’s still a poker game. I’m in the buy risk on dips camps . Sell EURAUD (1.5980/00) rallies, remain short EURCAD to name just a few

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