this is the first time a us treasury secretary has visited china since the covid pandemic and this is the environment they find themselves in. for example, trade restrictions. one point of contention is over rare earth metals, essential components to make semiconductor those which are used in everything from smart phones to military equipment. earlier this week beijing said it will require a special license to obtain two metals predominantly mined in china stopping this move has seen a retaliation against export bands put in place by the united states of critical technology needed for artificial intelligence and quantum computing. both sides argue that these bands are neededin argue that these bands are needed in the interest of national security. another issueis national security. another issue is the weakening yuan. china s currency has lost nearly 5% of its value against the us dollar over the past year which makes chinese exports more competitive on the global market. the
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that to life, last year, the overall energy production that was taken out because of the russian invasion was i% of global energy supply. i%. that is what created the massive all agility of last year. and so if you get a similar i%, 2%, 3% you geta similari%, 2%, 3% take you get a similar i%, 2%, 3% take out of that production, then who knows how massive that all agility can be. it then who knows how massive that all agility can be. all agility can be. it sounds like ou all agility can be. it sounds like you are all agility can be. it sounds like you are saying - all agility can be. it sounds like you are saying we - all agility can be. it sounds| like you are saying we need all agility can be. it sounds i like you are saying we need to be realistic about how dependent we still are on oil and gas. you are going to keep investing to keep that supply coming, that sounds some people like despair when it comes to the climate. i like despair when it comes to the climate. the climate. i
i really hope not, but the tightness in the broader market both for oil and gas means that small shifts can have magnified affect. if i can just bring that to life, last year, the overall energy production that was taken out because of the russian invasion was i% of global energy supply. 196. that is what created the massive all agility of last year. and so if you get a similar i%, 2%, 3% take out of that production, then who knows how massive that all agility can be. japan s index is down byjust over i%. japan s index is down by ust over 196. . japan s index is down by ust over1%. . , japan s index is down by ust over1%. ., , ~ , ., over 196. that is it the asia business over 196. that is it the asia business report, - over 196. that is it the asia business report, see - over 196. that is it the asia business report, see you | business report, see you tomorrow. thank you for