China as a smart burner. According to her, the conflict in Ukraine is harmful to the world, but it will not stop helping Russia

The negotiations between the European Union and China, according to both parties, were very open. State representatives agreed that the conflict in Ukraine poses a number of problems and harms the global economy. However, China refuses to talk about the war, does not feel part of the conflict and does not want to stop trading with Moscow. Moreover, he blames the West for the sanctions imposed on Russia. “Sanctions can lead to trade and currency wars,” say Chinese diplomats.

China deliberately does not circumvent sanctions imposed by Western states against Russia due to the invasion of Ukraine. However, Beijing does not see itself as part of the conflict and wants to maintain trade relations with Moscow., said a representative of the Chinese Ministry of Commerce Wang Lutong. During a videoconference on Friday, European Union officials called on China to help resolve the conflict in Ukraine and not circumvent sanctions.

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“China is not among the parties affected by the crisis in Ukraine. We believe so the dispute was not to affect our normal trade relations with any other country“said Wang, who heads the department’s European affairs department. He added that by maintaining current trade with Moscow, Beijing is supporting the global economy.. He added that China supports the ceasefire negotiations, but that Beijing’s role in the talks “should not be overstated”.

Sanctions can lead to currency wars, says China

A Chinese ministry official said his country was against the sanctions. “There is also a risk that the effects of these sanctions will spread to the rest of the world and that they will lead to monetary, trade and financial wars and that it will endanger supply and industrial chains,” Wang said.

Gold ingots

Watch out for gold. You buy high, you only sell low


In an effort to protect their savings from inflation, Czechs are frantically buying gold bullion. Economists warn of the disappointment that can occur when trying to sell investment gold. Some traders don’t allow buybacks at all, others set the buy price tens of percent lower than the sell price. “The spread difference should be less than five percent. Otherwise, it’s an effort to transform the seller,” says BHS chief analyst Štěpán Křeček.

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Friday’s meeting between Chinese President Xi Jinping and Premier Li Qingqiang and senior European Union officials was described by the ministry official as very open and detailed. European Council chief Charles Michel said the two sides had agreed that conflict “threatens global security and the global economy”. EU leaders have called on Beijing not to help Moscow invade and circumvent Western sanctions.

Beijing refused to condemn Russia’s military aggression and call it an invasion. At the same time, he criticized the sanctions imposed by the United States, the EU and other countries and called them illegal and one-sided, Reuters reported. China also believes the culprits for the crisis are the United States and the expanding North Atlantic Alliance, a State Department spokesman said on Friday.

Economist Lubomir Lizal

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Neither the Czech National Bank nor the government can fully control domestic inflation in the current situation. Its growth is increasingly affected by the war in Ukraine, the long duration of which could lead to a recession, believes Lubomír Lízal, a former board member of the Czech National Bank, who currently teaches at the Anglo-American University and at CTU. “If the war ends soon, we will experience the peak of inflation in the summer, then it will start to decline. Otherwise, we will have higher inflation for a year, for example”, estimates the economist.

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Lukáš Kovanda: Due to the dynamics of inflation growth, Minister Jurečka already admits additional funds for pensioners


Pensioners will see their third valuation this year, as Minister Jurečka admits. The third valuation would be due to the inflation caused by the war in Ukraine. The rise in prices is already so rapid that the conditions for the second extraordinary valuation should be met.

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