FxWirePro: Chinse markets upbeat amid speculation of progress in Sino-American trade negotiations

Chinese markets got a boost from President Trump this week, as he tweeted, “Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina. Also had good discussion on North Korea!”

Reports have also come out suggesting that President Trump has directed to draft a broad-based trade agreement which the two Presidents can agree upon during their meeting at the sidelines of the G20 meeting in Buenos Aires, Argentina, later this month.  

Chinese state-owned media Xinhua has also confirmed the cordial call between the two Presidents and confirmed that both has hailed the importance of continued communication and efforts to solve the issues in a coordinated effort, According to Xinhua, President Xi said that he is willing to meet Trump during the G20 summit in Argentina and further exchange views on bilateral ties and other major issues and he made it clear that China has repeatedly made clear its stance on bilateral ties, and hopes that both countries will promote a healthy, stable development of bilateral ties in accordance with the important consensuses reached between him and Trump.

China’s benchmark stock index, Shanghai Composite is up 2.7 percent for the day, while Chinese yuan is up almost 1.5 percent since the news and currently trading at 6.88 per USD.