US Mulls Currency Accord With China in Partial Trade Deal

US Mulls Currency Accord With China in Partial Trade Deal - Report

The Australian dollar strengthened overnight against the U.S. currency partially due to market speculation about a potential USA currency pact with China to stop devaluation. That said, it perhaps comes as no surprise given fresh comments from Fed Powell whereby attention had been paid to the risks faced by the economy, continuing to build the expectation for an October move. "We had a very, very good negotiation with China". The lack of clarity and the approaching of the trade talks could keep Asia markets sensitive towards any updates.

A so-called currency pact which Washington reportedly said had been agreed to earlier this year before the trade negotiations started will potentially be the first stage of an anticipated deal with Beijing.

"Big day of negotiations with China". China's loan conditions may be expected ahead of UK's GDP and US CPI releases.

Wall Street closed higher, with investors buoyed by hopes that at least escalation might be averted even if an overarching resolution was beyond reach.

The report cites an official with direct knowledge of talks, saying that China is still open to agreeing a partial trade deal with the USA despite the events that has transpired this week.

Without significant progress during the talks, US President Donald Trump is set to hike the tariff rate on US$250 billion worth of Chinese goods to 30 per cent from 25 per cent next Tuesday.

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Just since Monday, Washington has slapped visa restrictions on senior Chinese officials and blacklisted more than two dozen Chinese firms, accusing them of persecuting ethnic Muslims in China's western Xinjiang region.

The South China Morning Post (SCMP) sent United States stock futures into a tailspin, reporting that the negotiations had reached an impasse with "no progress", and that Liu "may leave earlier than expected".

Washington accuses China of attempting to dominate global industry through massive state intervention in markets, theft of intellectual property, hacking and subsidies, accusations shared by Europe and Japan. "They want to make a deal but do I?" he said on Twitter.

Speaking to reporters in Washington, Trump said "If we can make a deal, we're going to make a deal, there's a really good chance".

Chinese side came with great sincerity.

"Every month that these trade talks continue, there's more and more friction in the relationship".

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