Chinese President Xi Jinping will skip the BRICS summit in Rio (July 6–7), his first absence since joining the group.Premier Li Qiang will lead China’s delegation instead.Beijing cited a scheduling conflict and recent meetings with Lula as reasons for Xi’s absence.Brazilian officials expressed disappointment, noting Lula’s earlier goodwill visit to Beijing.Xi’s no-show comes amid speculation over Brazil’s decision to host India’s PM Modi for a state dinner.Li Qiang is expected to arrive in Brazil late next week. This article was written by Eamonn Sheridan at www.forexlive.com.