The Focus of China-US Negotiations is on Currency

China and the United States resumed trade talks. Later this month, the two deputy ministers will hold talks.
It is expected that the US may put pressure on China and the currency will not continue to depreciate. Some people even speculate that if Beijing does not, it may be named as a currency manipulator.
The Harvest XQ Global Winner System quotation shows that at 4:41 pm on Friday (17th) , the offshore Renminbi depreciated 0.03% and reported 6.8617 against US$1.
On Wednesday (15th), the offshore currency once 6.9587 to 1 US dollar, the lowest since the January 4, 2017.
CNBC reported that Robin Brooks, chief economist of the Institute of International Finance (IIF), said that the focus of the China-US vice minister’s negotiations may be how to manage the renminbi to reduce US tariff pressures. He believes that the two sides will discuss how China should eliminate the impact of the first wave of tariffs in order to raise the currency and assist the parties. Otherwise, the United States will continue to threaten China with high tariffs.
The Eurasia Group report of the political risk advisory agency also predicted that the negotiating team headed by US Deputy Treasury Secretary David Malpass would warn China not to continue to fight against the currency. The possible risk is that if the United States insists that the currency should return Before the high point of the wave, Beijing may be difficult to accept, and it is impossible to do so because of market pressure.
Since the beginning of this year, the currency has regained nearly 6% against the US dollar. The main trend has occurred in the past two months. On the 15th, the currency approached the important level of 7 and the last time the renminbi broke through 7 to 1 US dollar, it was in May 2008.
Experts speculate that if China is not obedient, the next step in the US high-risk trade conflict may be to include China as a currency manipulator. Thanos Vamvakidis, head of foreign exchange strategy at Bank of America Merrill Lynch G10, said that this could happen, and the US has added new tools to China. The semi-annual report of the US Treasury will be released in October, perhaps a new hot spot in the China-US trade war.
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