KWEB - Biden Xi agree to U.S.-China virtual summit this year

It looks like the U.S. is going back to top-level engagement with China as President Biden and Xi Jinping agreed to hold a virtual summit this year. It will be part of an effort to manage competition between the two countries, but details of the gathering are still being worked out. Xi hasn't left China since the start of the pandemic and does not plan to attend any overseas events in the near future, including the G20, COP26 and APEC. The iShares China Large-Cap ETF (NYSEARCA:FXI) is up 2.6% premarket on the news. Check out the ETF's performance over the past year. Bigger picture: The meeting was brokered by Jake Sullivan, U.S. national security adviser, and Yang Jiechi, China's top foreign policy official. The two met in Zurich this week for talks that we're described as "productive" compared to the gathering that took place in Anchorage back in March. Sullivan also raised

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Biden, Xi agree to U.S.-China virtual summit this year