Trade developments hopes between the world's two biggest economies have spurred after China confirmed a new round of high-level trade talks in Washington set for early October. The impending talks rekindled hopes for progress after the two countries recently escalated tensions with fresh tariffs.
China announced the 13th round of high-level talks in its official media Thursday following a phone conversation between Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin. A statement issued by the Ministry of Commerce said the two sides agreed to take concrete action to promote favorable conditions for the talks and pledged to keep in close contact. Working teams were expected to begin negotiations in mid-September in advance of the October session.
China will implement both broad and targeted cuts in the reserve requirement ratio for banks "in a timely manner," China's cabinet said in a meeting on Wednesday, an indication that a cut in the key ratio aimed at boosting lending could be imminent.
ZTE (000063) was the top percentage gainer on news reports that it won a bid to build 5G networks in Spain, marking a foray into the European market.
CURRENCY NEWS: China yuan was little changed against greenback on Friday, after tad softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China set the midpoint at 7.0855 per dollar, 3 bps softer than the previous fix of 7.0852. Spot yuan traded at 7.1475 per dollar at midday, almost unchanged from the previous late session close. The offshore yuan was trading 0.05 percent firmer than the onshore spot at 7.1436 per dollar.
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