Beaten-down Chinese equities may have an opportunity for gains with the possible upcoming meeting between leaders of the US and China next week, according to the chief investment officer of Templeton Global Equity Investments.

China’s stocks are among the world’s worst performers, reeling from the years-long debt crisis and an exodus of foreigners, who are withdrawing money at the fastest pace since 2015. US Treasury Secretary Janet Yellen and her Chinese counterpart will hold two days of talks in San Francisco this week, a step toward more normal ties ahead of a long-anticipated meeting between the leaders of the world’s two largest economies.

“In the very short term in China, we could have a catalyst with the potential upcoming meeting between President Biden and President Xi — with a bit of luck that happens in San Francisco next week,” Manraj Sekhon said in a Bloomberg TV interview on the sidelines of the Bloomberg New Economy Forum in Singapore. “That could provide a temporary floor in China equities.”

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It would “improve sentiment, which is pretty weak right now,” Sekhon said. “At the margin we are adding to those” long held positions in China listed stocks.

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.