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China is set to have another busy week ahead as it gears up for the Lunar New Year holiday, with two more major economic talks taking place.
As expected, China’s central bank, the People’s Bank of China (PBOC), has set aside its usual 10-day window to review its monetary policy framework ahead of the Lunar holidays, which begins on New Year’s Day (December 31).
The new meeting between the PBOC and the World Bank, which runs through the end of the month, will be followed by a meeting between finance ministers from both countries.
The US Treasury Department has also confirmed it will host the US-China Economic and Security Review, which will be attended by President Donald Trump, along with members of Congress.
There’s no word yet on when the PBIC and the US will meet, but given that both are in Shanghai, it’s likely to happen during this time.
Also scheduled to take place this week is the meeting between China’s commerce minister, Liu Yi, and the president of the International Monetary Fund (IMF), Christine Lagarde.
Liu, who is a deputy chairman of the World Trade Organization (WTO), has been one of the most outspoken voices on trade in China, and has said that the country’s trade surplus with the rest of the world is likely to continue rising.
Last week, he was also one of a number of officials to publicly question the validity of the Shanghai Composite Index, which is a proxy for the countrys economic activity.
But while Liu and other officials have taken a hard line, other government officials have softened their tone, with the chief economic advisor of the State Council, the party’s top decision-making body, saying last week that China’s trade imbalance with the world should not be a top priority.
And in the wake of a recent wave of currency devaluations in China by the government, the PBAC is expected to make a stronger push to normalise trade relations with other countries, including Japan, the US and other Asian countries.
The International Monetary System has also been busy this week, with meetings with its member countries, the World Council of Economic Experts, and its president, Jean-Claude Trichet, scheduled to be held on Thursday.
While the World Economic Forum (WEF), the world’s largest gathering of business leaders, has also had several meetings with the PBCC this week.
These meetings are often attended by ministers of finance and the presidents of the central bank and the IMF, and are usually seen as a reflection of how the world sees the PBEC.
However, in recent weeks, some of the leaders of the WEF have also criticised the PBDC for its handling of the currency devaluation, and for the lack of transparency in its policies and operations.
On Thursday, the world powers, including China, will hold a series of meetings at the G20, in the same location, to discuss the economic and monetary situation in the world.
So, what are the key topics that are likely to be discussed at this week’s meetings?
There will be a meeting of the Financial Stability Board (FSB), chaired by the European Central Bank (ECB), on Thursday, followed by the meeting of IMF members on Friday.
At the meeting, the leaders will also be able to discuss potential new measures to address the crisis in the global financial system, and how to tackle the root causes of the financial crisis.
Next week will also see a meeting on the new US-Chinese FTA, which was signed in January, with China set to announce the terms of the agreement on Thursday afternoon.
It is likely that the US side of the talks will try to ease restrictions on the trade of certain commodities, such as wheat, which have been a major issue in China.
China is also expected to discuss trade relations between the US, Canada, Mexico and the EU.
In November, China agreed to open up trade talks with Mexico and a host of other countries.