FirstFT: Xi warned Putin against using nuclear weapons in Ukraine

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We begin today with a scoop that Xi Jinping personally warned Vladimir Putin against using nuclear weapons in Ukraine, suggesting Beijing remains concerned about Russia's war even as it offers tacit support to Moscow. Xi's warning was made during the Chinese leader's state visit to Moscow in March. Since then, Chinese officials have privately taken credit for convincing the Russian president to back down on his veiled threats to use a nuclear weapon against Ukraine. Russia's invasion relies heavily on support from China, which has helped Moscow overcome economic sanctions that have locked it out of critical global markets and supply chains. But the war threatens to derail China's efforts to drive a wedge between Europe and the United States, according to a senior Chinese government adviser. A Russian nuclear attack on Ukraine or one of its European allies would risk turning the continent against China, the adviser said, while sustained pressure from Beijing to prevent such an act could help improve relations with Europe.

A professor of international relations at Renmin University in Beijing, said that “Russia has never had and will never have approval from China to use nuclear weapons.” If Russia used nuclear weapons against Ukraine, “China will distance Job Function Email Database itself even further from Russia,” he added. China-Europe relations: War in Ukraine exposes flaws in Beijing's efforts to understand Europe, Yuan Yang writes. War in Ukraine: Ukrainian President Volodymyr Zelenskyy warned that Russia could be preparing to blow up part of the Zaporizhzhia nuclear power plant as Kiev's military reports victory in its counteroffensive. Do you think deterring Putin will help China repair its damaged ties with US Treasury Secretary Janet Yellen will arrive in Beijing and spend four days meeting with senior Chinese officials and US business leaders. Meta's new app: Facebook's parent company is expected to launch Threads, its new social media app, in a direct challenge to Twitter.



Economic Data: S&P Global releases Construction Purchasing Managers' Index (PMI) for the UK and Services PMI for the US, while factory order figures are expected from Germany. Five more top stories 1. Federal Reserve officials signaled they intend to resume interest rate increases amid a growing consensus that more tightening is needed to end high inflation in the world's largest economy. Learn more about the Fed's outlook on the U.S. economy. 2. PwC tipped Google off to the timing of a controversial Australian tax law, based on inside information gathered by one of the accounting firm's partners. The technology company is the first to be named as a recipient of confidential information in the growing auditor scandal. 3. South Korea will allow new entrants into the banking sector for the first time in 30 years, as the government seeks to boost competition in an industry dominated by five lenders. President Yoon Suk Yeol earlier this year accused the country's banks of enjoying a bonus “feast” amid rising interest rates.