Xi Jinping Visits the Central Bank for the First Time Since Becoming President

Chinese President Xi Jinping paid his first known visit to the country’s central bank since taking office a decade ago, according to two persons familiar with the situation, as China’s economy and financial markets face headwinds.
According to Reuters, Xi, Vice Premier He Lifeng, and other government officials visited the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday.

The reason for the visit was not immediately clear. Outside of business hours, the PBOC and SAFE could not be reached for comment.

In the third quarter, the world’s second-largest economy increased faster than projected. However, there are deeper concerns about prolonged deterioration in the private sector and a lack of longer-term solutions.