Happy Dragon Boat Festival! China is on holiday today. I missed a busy week and I appreciate your patience. Unfortunately I need to go to a funeral in Boston this Thursday so there will likely be no newsletter Thursday. I will make it up to you. The Trump-Kim summit was a generally positive event for China. Trump endorsed Beijing's long-advocated "freeze for freeze" proposal and Xi is certainly happy with a reduction in immediate risk of war or chaos on the Korean Peninsula. But with the benefit of a few days reflection I think it is premature to conclude that China is the victor.