Beijing absorbs a record party purge

The biggest political story in China is still the aftermath of last week’s Communist Party plenum. The Fifth Plenum closed on Oct. 29 after confirming the expulsion of 33 senior members. That is the most at any Central Committee plenary since reform and opening began in 1978. Sixteen of the 33 were handled through the military commission track. Only Xi Jinping and Zhang Shengmin remain on the seven-member Central Military Commission, and the plenum made no new appointments, so five seats are still empty. Attendance was 279 Central Committee members, the first time in Xi’s 14 years that a plenum drew fewer than 300.

Party officials have framed the purge as a success. A senior anti-graft official said the leadership had “eliminated serious hidden dangers” in the party, state and military.

Markets: Beijing’s rescue tools meet skepticism

China’s CSI 300 fell 8.5% in October, its worst month since January 2016, despite state-fund buying since July. On Monday the People’s Bank of China cut the rate on its buyback relending facility to 1% from 1.25% and made it permanent. It also restarted a swap facility for brokers, funds and insurers to buy stocks. Analysts quoted by TheStreet say the policy doesn’t yet look sufficient to turn China shares around. The Shanghai Composite fell to 3,608 on Tuesday, down 0.82% on the day.

Russia–China ties

Russian Defense Minister Andrei Belousov is visiting China for talks. His ministry said he called the strategic partnership with Beijing “an unprecedentedly high level.”

North Korea denies a $6.3 billion crypto heist

Kim Yo Jong, the sister of leader Kim Jong Un, rejected the FBI’s attribution of the Binance theft to North Korea’s “TraderTraitor” operation. The FBI’s attribution followed analysis by blockchain firms, and Chainalysis said it had high confidence North Korea was responsible. “The US assertion is absurd rhetoric and nothing new,” she said. She also said Pyongyang would “reconsider” unspecified issues in light of US hostility. North Korea has not publicly responded to Trump’s offers to resume summit diplomacy.

Other regional developments

The items below come from a single automated regional brief, The Rio Times’ Asia Intelligence Brief, and I haven’t confirmed them against other sources:

• Taiwan: Taipei is protesting an APEC invitation that came as a letter without the “Chinese Taipei” designation. A Mainland Affairs Council official warned Beijing could “implement measures to impose governance on Taiwan.” The leaders’ meeting is in Shenzhen on Nov. 18 and 19.
• South Korea: Seoul is investigating a leak of passport details of 168 people on President Lee Jae Myung’s June Brussels trip, and new passports will be issued for the president and first lady.
• Australia: The Reserve Bank of Australia raised its cash rate by 25 basis points to 4.85%, citing Middle East fuel prices.
• Indonesia and Pakistan: An estimated 3,560 Indonesians died from this year’s fire smoke, and a Peshawar court referred detention petitions involving political figures to a larger bench.

Figures reflect reporting available this afternoon and may change.