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While prioritizing internal politics, President Xi Jinping has gone almost a full year without putting forward a basic policy on how China's economy will be managed. (Nikkei Montage/ Reuters)
China up close

China's power struggle lies behind global market turmoil

Xi's inability to convene long-delayed economic meeting at heart of uncertainty

KATSUJI NAKAZAWA, Nikkei senior staff writer | China

TOKYO -- The Chinese yuan fell below the 7-per-dollar level for the first time in 11 years soon after the Communist Party's annual conclave began at the seaside resort of Beidaihe, Hebei Province.

"The government wants to promote exports and buoy business sentiment," a Chinese market participant explained. "But even so, intentionally letting the yuan pass the 7-per-dollar line, something they had been so vigilantly defending, was shocking."

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