Pandas, Pegasus or the Chimera

Heads of state meet all the time, without investors paying too much notice. Last week’s meeting between US President Joe Biden and his Chinese equivalent, Xi Jinping, was different. Tensions between the world’s two superpowers have been rising in recent years to such an extent that it is no longer an exaggeration to talk about a second Cold War. Some go further, believing that a military ‘hot’ war is inevitable over the future of Taiwan.