China trade surplus with U.S. dropped 8.5% to $296bn in 2019

Many companies are preparing for the worst even as the United States and China are about to sign a'phase one deal to ease trade tensions

Many companies are preparing for the worst even as the United States and China are about to sign a'phase one deal to ease trade tensions

On the Multi Commodity Exchange, silver contracts for March delivery tumbled Rs 261, or 0.56 per cent, to Rs 46,650 per kg in a business turnover of 2,807 lots. The pan-European STOXX 600 index fell 0.22%.

E-Mini futures for the S&P 500 edged up 0.1 per cent, to be just off all-time highs.

Korea's finance ministry said exports to the USA rose due to increased sales of transportation equipment, while its current account surplus fell to 4.0 percent from the May report's 4.4 percent. "It remains to be seen if this trade deal would indeed bring about a further American economic revival".

The "phase one" agreement calls for Chinese purchases of USA agricultural goods to increase by some $32 billion over two years, or roughly $16 billion a year, the source said.

The U.S. Treasury Department under the Trump administration previously released five semiannual reports on major trading partners' exchange rate policies - including one in May 2019 - none of which labeled China as a currency manipulator.

The Treasury Department designation in August was the first time since 1994 that the United States had determined China was manipulating its currency, accusing China of creating an unfair competitive trade advantage.

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He also said the trade tensions had "put some pressure on China's foreign trade and firms that largely trade with the US".

Japan's Nikkei was closed for a holiday.

"The Treasury Department has helped secure a significant Phase One agreement with China that will lead to greater economic growth and opportunity for American workers and businesses", said US Treasury Secretary Steven Mnuchin.

The US Trade Representative's Office announced over the weekend that as part of the initial trade deal, Washington and Beijing will hold "at least bi-annual" meetings - something that previous administrations did for years but that Trump scrapped in favor of a more aggressive approach.

"A calmer geopolitical backdrop and the signing of the U.S".

Commodity traders and analysts are struggling to map out how China will reach the eye-popping amounts it is committing to buy from the United States under Phase 1 of their trade deal. Talks for a second phase agreement continue.

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Two other sources familiar with the Phase 1 trade deal agreed with the rough breakdown of the purchases, without providing specific numbers.

China's removal from the list is a "want" from Beijing before the deal is signed.

The report urges China to "increase public understanding" between the People's Bank of China and the "foreign-exchange activities of the state-owned banks, including in the offshore RMB market". The greenback weakened on Friday after USA job growth slowed in December.

Across markets, worries about a recession have faded since past year as central banks cut interest rates and pumped stimulus into the global economy. "This is flawless for risky assets".

Sterling traded at $1.2990, having fallen to a three-week low of $1.2961 on Monday. Support comes in around $US1.1060 ($A1.6024), while the recent peak at $US1.1239 ($A1.6284) marks stiff resistance. USD/JPY is still keeping at fresh seven-month highs around 109.90 while gold is down by 0.7% around $1,550 at the moment.

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