Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

The Chinese and Peruvian communities in Lima, the capital of Peru, extended their warm welcome to Chinese President Xi Jinping who arrived in Lima on Thursday for a state visit to the country, expressing the hope that his visit will further strengthen bilateral ties across various sectors.

President Xi is in Peru to attend the 31st APEC Economic Leaders' Meeting and pay a state visit at the invitation of President Boluarte.

Crowds of people warmly welcomed President Xi in downtown Lima when the Chinese president's motorcade passed through.

"I believe that this visit will definitely elevate China-Peru relations to a new level, bring bilateral cooperation in all these areas such as economy, education, science and technology to new heights, and help expand cooperation between the two countries," said Li Siying, an overseas Chinese.

"I'm interested in the friendship between China and Peru. It's always a blessing to our both cultures pushing during all these years. It's amazing to see the importance that it has in the APEC Forum and in the commercial relationships between both countries. So I'm really happy and really excited to see it," said Andrea Mallque, an assistant at the Chinese Embassy in Peru.

"I work on Lima Metro Line 2, which is an exemplary project of cooperation between China and Peru. I hope that President Xi's visit will further strengthen the friendship between the two nations and foster cooperation in areas such as culture, energy, mining and infrastructure."said Zhang Yongping, a Chinese engineer working in Peru.

Peru was one of the first Latin American countries to establish diplomatic relations and a comprehensive strategic partnership with China. It is also the first Latin American country to sign a package of free trade agreements with China.

Since China and Peru signed the memorandum of understanding on Belt and Road cooperation in 2019, bilateral cooperation has achieved fruitful results, with increasingly close collaboration in economy, trade, finance, culture and other fields.

China has been Peru's largest trading partner and largest export market for 10 consecutive years.

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Overseas Chinese, locals welcome Xi's Peru visit, hoping for strengthened bilateral ties

Both Gold and silver prices hit record highs on Monday, driven by geopolitical tensions and market expectations for further U.S. Federal Reserve rate cuts.

Spot gold prices breached 4,420 U.S. dollars per ounce during the intraday trading on Monday, while gold futures contract on the New York Mercantile Exchange (NYMEX) briefly surpassed 4,450 U.S. dollars per ounce, both hitting all-time highs.

In addition, the silver futures contract on NYMEX climbed above 69.5 U.S. dollars per ounce on Monday, surging nearly three percent, also reaching a record high.

Bloomberg News reported that escalating geopolitical tensions and market expectations for further Fed rate cuts were the primary drivers behind the soaring gold prices.

Traders anticipate the Fed will cut rates twice in 2026 following last week's release of a series of U.S. economic data.

Meanwhile, U.S. President Donald Trump has consistently advocated more accommodative monetary policies.

Persistent geopolitical tensions in recent weeks have also heightened the safe-haven appeal of gold and silver.

Bloomberg projected on Monday that both gold and silver are poised for their strongest annual gains since 1979.

Due to purchases of central banks and inflows into exchange traded funds (ETFs), gold prices have surged by about two-thirds this year.

Gold-backed ETFs have recorded five consecutive weeks of increased inflows.

World Gold Council data shows that, except for May, the total holdings of these funds have increased month on month this year.

Beyond central banks, investors have also played a significant role in the gold price rally.

Fueled by concerns over the value of sovereign bonds and their denominating currencies, investors have been fleeing these assets.

The Wall Street Journal reported in October that investors who were concerned about the outlook for currencies like the U.S. dollar were aggressively buying alternative assets such as gold.

Goldman Sachs released a research report on December 18, forecasting that gold prices would rise to 4,900 U.S. dollars per ounce by the end of 2026.

Gold, silver prices soar to new record highs as investors hunt for safety