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Rich Get Richer, Xi’s Speech, U.K. Corporate Cash Pile: Eco Day

  • Duterte won’t challenge China at sea unless it drills for oil
  • Blinken says U.S. trails China in shaping climate future

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Welcome to Tuesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.

  • As banking giants steer their way out of the pandemic, they’re focused on a key category of clients: wealthy people
  • China’s President Xi Jinping will address the Boao Forum and his speech will touch on the risks and challenges the world is facing
  • U.K. corporations will be much slower to spend down their pandemic cash stockpile than households, according to Bloomberg Economics
  • Philippine President Rodrigo Duterte said challenging China in the South China Sea will only lead to violence, and that he will only do so if Beijing drills for oil in the disputed waters
  • Bank Indonesia is expected to keep its benchmark interest rate unchanged for a second straight month as volatility in global financial markets continues to weigh on the nation’s currency
  • As President Joe Biden unveils an ambitious target to cut emissions, his administration is also taking steps to refute critics who say it’ll put large numbers of American jobs at risk
  • Vladimir Putin is likely to respond to the latest round of U.S. sanctions by speeding his drive to make Russia more self-sufficient
  • Secretary of State Antony Blinken said the U.S. is falling behind China in the race to seize opportunities created by climate change