Bloomberg Daybreak: Asia Edition

China's Xi Hosts Putin, Kim for Beijing Military Parade; Goldman's Kaplan on Fed

Sep 3, 2025
Robert Kaplan, Vice Chairman at Goldman Sachs and former President of the Dallas Federal Reserve Bank, shares insights on the future of monetary policy. The conversation dives deep into potential candidates for the next Fed chair and discusses the critical need for independent central banking amid political pressures. The discussion also touches on the implications of recent geopolitical events, including China's military parade featuring leaders like Putin and Kim, showcasing shifting international dynamics and China's growing influence.
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INSIGHT

Parade Blends History With Power Projection

  • Xi uses the parade to connect WWII legacy with modern military modernization and anti-corruption efforts.
  • The display signals Beijing's intent to show military strength and political control under Xi Jinping.
ANECDOTE

PLA Corruption Purge Examples

  • Stephen Engle recounts a widening corruption purge in the PLA that has removed senior figures.
  • He names Li Xiangfu and other senior officers as casualties of the probe tied to Xi's anti-corruption drive.
INSIGHT

Siberia Pipeline Signals Closer Energy Ties

  • The summit produced a hard-won Russia-China gas pipeline agreement that signals deeper energy ties.
  • The deal showcases Beijing's diplomatic leverage despite economic headwinds.
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