China says in 'communication' amid report of Trump-Xi meet

13 October, 2018, 08:09 | Author: Trevor Moore
  • Mike Pence warned that China had abandoned “the pathway to freedom”

They also expressed concern about use of the technology in weapons.

In Bali, Indonesia, where he's attending global finance meetings, Treasury Secretary Steven Mnuchin said, "We are having discussions about a potential meeting".

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Energy Secretary Rick Perry said in a statement. China's central bank cut its daily reference rate for a ninth day to 6.9120.

However, the trade surplus between China and the USA widened to US$34.1 billion in September, according to official data released by Beijing on Friday.

China's exports to the US continued to rise at a double- digit clip in September compared with a year earlier, while imports fell for the first time since February.

Mnuchin declined to comment on Trump's latest attack on the USA central bank, though he repeated that the Fed has independence.

Reports that Mnuchin has advised against labeling China a currency manipulator - a status that could trigger penalties - were also seen as easing tensions. It is done pursuant to two separate pieces of legislation.

IMF Managing Director Christine Lagarde warned on Thursday against adding currency wars to the trade conflict, saying this would hurt global growth and "innocent bystander" countries.

However, he declined to comment on whether the US Treasury would declare Beijing a "currency manipulator" in a report due out next week.

These include a high bilateral trade surplus with the United States, a global current account surplus above three percent of gross domestic product and "persistent" one-way currency market intervention to weaken or prevent a rise in a country's currency.

Over the first nine months of the year, China's surplus with its largest export market totalled $225.79 billion, compared with about $196.01 billion in the same period last year.

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"That's going to be important going forward for trade negotiations".

Last month, U.S. President Donald Trump imposed tariffs on almost $200 billion of Chinese imports and then threatened more levies if China retaliated.

The Wall Street Journal and the Washington Post have cited officials as saying Trump has made a decision to proceed with a meeting with Xi.

But the meeting would only happen if there is enough progress in the trade discussions, he said.

In an interview with Bloomberg News on Thursday, Mnuchin declined to comment on the report.

"I don't want to do it, but they have to come to the table".

"We've been very clear with China that we need to have structural changes, that we need a reciprocal trading relationship and we should be able to increase our exports by hundreds of billions of dollars", he said.

Washington, Europe and other trading partners complain those violate Beijing's free-trade commitments and US officials worry they might erode American industrial leadership.

"The fundamentals of the USA economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

"We are concerned about the depreciation" of the yuan, he said, "and want to make sure that it's not being used as a competitive devaluation".

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