Scott Bessent's appointment as U.S. Treasury chief may signal tougher economic stance on China

Scott Bessent, a former protégé of George Soros, has been appointed as the U.S. Treasury chief. This change may signal a shift in U.S. economic policy towards China, moving away from the current administration's engagement approach. Chinese analysts suggest that this appointment could pressure China to allow its currency to appreciate and reduce its dependence on the U.S. market. Bessent is expected to implement a tough economic agenda against China. Bessent has a history of supporting tariffs and deregulation. His past actions include significant currency trades that gained attention during his time at Soros Fund Management.