US Senior Administration Official: US ability to change China may be limited

“Biden-Xi call lasted about 90 minutes,” said Reuters while adding extra spices to the Xi-Biden talks with the comments from a US Senior Administration Official. Further details of talks between US President Joe Biden and his Chinese counterpart Xi Jinping are as follows.

Key quotes

Tone of Biden-Xi conversation was ‘familiar’ and ‘candid’.

Biden and Xi touched on economic issues.

Economic dimension of US-China policy remains under review.

Biden focused on importance of climate and taking meaningful action.

‘proof will be in pudding’ after Biden-Xi call.

US focus must be on rallying partners and allies.

Purpose of Biden-Xi call was not to produce specific agreements or outcomes.

Biden and Xi talked about a range of transnational issues, covid one of those.

Biden and Xi have an ability to be candid and honest with each other without lecturing.

Both leaders were candid but respectful.

Cyber was among issues discussed by Xi and Biden.

Market reaction

The mixed comments paused the market bulls. However, the risk barometers, namely gold and AUD/USD, remain firmer around the intraday tops by the press time of early Friday.

Read: Chinese State Media: Xi, Biden had candid conversation on US-China ties