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US President Obama is scheduled to meet Chinese Premier Wen tomorrow on the sidelines of the UN meeting. Reports also suggest a bilateral meeting with Japanese Prime Minister Kan may take place.
Even though the meetings will be separate, the heads of state of the three largest economies in the world will met. There is much focus on the yuan and some have suggested that BOJ intervention last week was aimed just as much at the yuan-yen rate as the dollar-yen rate. China is Japan's largest export market. The intervention appeared to be a little less than the amount of Chinese purchases of Japanese bonds this year.
Before the week is up, the US House and Ways Committee is expected to vote on the Chinese trade bill and it could go to the entire House next week. For the bill to become a law, it needs to have the approval of the Senate and Obama would have to sign off. These last two steps are considerably less certain the the House committee or even the entire House. The Senate tends to be more deliberative and often less protectionist.
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