In spite of all his “bossy” demeanour, POTUS Donald Trump appears to be an apprentice when it comes to policymaking. More than 6 months into the US Presidency, he has nothing to show for; there was no major policy victories.
Now, his only policy hope this summer, the Republican health care bill, has been pushed back once again after it was announced that Senator John McCain has to undergo a surgery for a blood clot.
Big Boss Xi
Unlike Trump, China President Xi Jinping is augmenting his “Big Boss” reputation.
Over the weekend, President Xi reiterated his desire to take strong medicine to strengthen China’s financial system. He instructed the State-owned Enterprises to deleverage and called for regulators to monitor “zombie” companies artificially propped up by cheap debt.
Swapping away one of the richest man in China
Even the riches of China is not match for President Xi when Chinese tycoon, Wang Jianlin, found his funding cut off. It was discovered that his company Dalian Wanda Group breached restrictions for overseas investments.
By targeting one of the nation’s top businessmen, this is a strong signal by the government on the crackdown of capital outflow.
It is therefore no surprise that the onshore yuan rose for the sixth day in a row to 6.7704, the longest run of gains since 2015.