China’s Soybean Diplomacy Makes a Comeback Ahead of Biden-Xi Meeting
- Top soybean importer made an enormous purchase this week
- Move is gesture of goodwill as China seeks closer ties to US
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China is bringing back soybean diplomacy as the world’s second-largest economy seeks closer ties with the US ahead of a meeting between President Xi Jinping and his American counterpart Joe Biden.
The Asian nation, the world’s top soybean importer, bought more than 3 million metric tons of the commodity from the US just this week, a volume that surprised the market. The move is a gesture of goodwill ahead of Biden-Xi talks scheduled to take place in San Francisco next week, according to people familiar with the matter who asked not to be named discussing governmental decisions.