The long-awaited Xi Jinping–Donald Trump meeting has finally happened – but what, exactly, came out of it?

On the first part of this week’s Trivium China Podcast, host Andrew Polk is joined by Trivium’s Head of Supply Chain and Critical Minerals Research Cory Combs to unpack the immediate takeaways from the leaders’ summit in Beijing.

The two discuss:

Why the meeting was heavy on symbolism but light on concrete outcomes
The significance of China’s high-level diplomatic treatment of Trump
What to watch for on export controls and a possible extension of the Busan agreement
The prospects for a future “board of investment” mechanism governing US-China capital flows
How Iran and the Strait of Hormuz factored into the talks

Andrew and Cory also assess why both sides appear eager to stabilize relations – even if major structural tensions remain unresolved.

Then in the second half of the pod, Andrew is joined by Trivium’s Head of Markets Research Dinny McMahon to break down the PBoC’s latest quarterly monetary policy report and what it reveals about Beijing’s economic priorities.

The two discuss:

Why the PBoC is signaling greater concern about currency stability
How the Iran war is reshaping China’s monetary policy calculus
Why interest rate cuts may now be less likely in 2026
Potential reforms to how mortgages are priced in China
Beijing’s intellectual defense of its export-led growth model

Ep 65 - Xi-Trump vibes, meetings about meetings, and the PBoC’s next moves

The Trivium China Podcast