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Good morning Russian President Vladimir Putin has acknowledged Chinese “concerns” about the war in Ukraine in the first public admission of differences between Beijing and Moscow over the conflict.
Putin’s comments came at a meeting with Chinese President Xi Jinping in Uzbekistan on Thursday, the first face-to-face meeting the two have had since the Kremlin launched its all-out invasion of Ukraine in February.
“We appreciate the balanced position of our Chinese friends in the Ukraine crisis,” Putin told Xi, according to a Kremlin transcript.
“We understand your questions and concerns in this regard. During today’s meeting we will of course state our position, although we have also discussed it before.”
Putin arrived in Uzbekistan as Russian forces in north-eastern Ukraine were forced to retreat by a Kiev counter-offensive that has recaptured key areas, boosted Ukrainian morale and raised questions about Moscow’s ability to sustain its offensive.
Russia has frequently dismissed claims that it is becoming globally isolated, pointing to ever-closer economic and political ties with China and other non-Western nations.
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Read relatives: The US and EU are increasing pressure on Turkey to crack down on circumventing Russian sanctions amid fears that the country’s banking sector is a potential backdoor for illicit finance.
Where do you think Russia-China relations are headed from here? Let me know what you think at [email protected] Thank you for reading FirstFT Asia and have a great weekend. – Emily
Five more stories in the news
1. The White House is alert to incoming Chinese investment President Joe Biden has issued an executive order aimed at increasing scrutiny of deals with foreign companies in high-tech industries such as semiconductors as part of ongoing efforts to combat security threats from China.
2. South Korea is considering a plan to stabilize the won South Korea said it was reviewing “contingency plans” to manage exchange rate volatility, with the Korean won hovering at a 13-year low against the US dollar as currencies across Asia come under pressure from an increasingly restrictive Federal Reserve.
3. China’s state banks cut deposit rates for the first time since 2015 State-owned lenders including the Industrial and Commercial Bank of China, Bank of China, Bank of Communications and Agricultural Bank of China cut interest rates on three-year deposits by 0.15 percentage point yesterday as Beijing tries to stem slowing growth in the second largest economy in the world without risking a runaway renminbi devaluation.
4. Key moment for the crypto market Ethereum, the world’s second-largest blockchain, has completed a long-awaited upgrade of its system to reduce its energy costs and set the stage for greater crypto adoption in mainstream finance. Ethereum co-founder Vitalik Buterin said the upgrade, known in the industry as “The Merge,” was completed earlier today.
5. US Senate panel approves $6.5 billion bill to fund arms for Taiwan The Taiwan Policy Act passed the US Senate Foreign Relations Committee by a majority of 17-5. The bill, which still needs approval from the full Senate and House of Representatives, marks the first time the US has directly funded arms shipments to Taiwan.
How well have you been keeping up with the news this week? Take our quiz.
The day ahead
Retail sales and industrial production figures in China When August data is released today, economists expect retail sales to continue their downward trend after July’s disappointing report. (focus on economics, FT)
Top Chinese lawmaker meets South Korean president Chairman of the Standing Committee of the National People’s Congress of China Li Zhanshu is expected to meet South Korean President Yoon Suk-yeol today.
Malaysia day Financial markets will close today to mark the establishment of the Malaysian Federation.
Scandal! premiere The Netflix documentary, which chronicles the unbelievable story of how the Financial Times’ Dan McCrum took down Germany’s giant and fraudulent payment processor Wirecard, will be released worldwide today.
Dan McCrum, right, has spent seven years investigating fraudulent payment processor Wirecard, a story still unfolding as executives await trial © Courtesy Netflix
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What else do we read?
Xi plans economic independence Under Xi Jinping – who is all but certain he will secure another term next month – China is striving to become a state-run and self-sufficient techno superpower that will no longer rely as heavily on the West . But how realistic is the goal in a networked world?
Citi opens Malaga hub for young bankers Málaga is better known for its sunshine and food than for its banking. But yesterday, 27 young recruits started at Citi’s new center for young investment bankers. Competitors have dismissed it as a gimmick, but US Bank claims it’s a way to offer its new entrants a “better work-life balance.” Will it work?
Despite in the rabbit hole of the Presidential Palace in Kiev Last week, Gillian Tett took a jaunt through the darkened corridors of Ukraine’s presidential palace, where President Volodymyr Zelenskyy and his team, despite fighting off a brutal Russian invasion for seven months, are determined to deliver the message of “business as usual”.
How to reboot men for the age of gender equality At the top and bottom of society, new definitions of masculinity can help everyone thrive, writes Simon Kuper. These three recent books trace the outlines of a new masculinism.
Scenes from the End of an Elizabethan AgeThe state funeral for the Queen on Monday will be a grand ceremony, but in the meantime the public is waiting to see the body at Buckingham Palace and pay their respects. Imogen West-Knights joined mourners, lost-looking tour groups and history critics outside the royal residence.
Hundreds of thousands of people travel to London to mourn the Queen © Benjamin McMahon
Travel
Tightly packed cafes along a scenic single-track railway line in Hanoi have reopened after a long Covid closure, hoping the area will once again attract visitors to what was once a tourist hotspot.
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