20:51 GMT +314 October 2019
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    A man walks past an advertisement promoting China's renminbi (RMB) or yuan, U.S. dollar and Euro exchange services at foreign exchange store in Hong Kong, China, August 13, 2015

    US Mulls Currency Accord With China in Partial Trade Deal - Report

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    A so-called currency pact which Washington reportedly said had been agreed to earlier this year before the trade negotiations started will potentially be the first stage of an anticipated deal with Beijing.

    Currently, the Trump administration is looking at introducing this previously agreed upon currency accord with China as part of the trade deal that could also see a tariff increase suspended next week, Bloomberg reported, citing sources familiar with the matter.

    On Thursday and Friday, Beijing and Washington are set to engage in the next round of trade talks led by Vice-Premier Liu He on the Chinese side and Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin on the US side. The talks are expected to be held just days before Washington’s planned increase of trade tariffs on $250 billion worth of Chinese goods, from 25 percent to 30 percent on 15 October.

    The South China Morning Post reported earlier, citing sources, that the deputy level discussions - held on Monday and Tuesday in DC - did not result in progress on critical issues.

    According to the Chinese-based media, one of the core issues is "forced technology transfers", a requirement to surrender technologies to Chinese firms imposed on foreign companies wishing to enter China's markets.

    The reports add that Chinese negotiators may leave the United States earlier than expected amid a lack of progress in the talks.

    Meanwhile, US media reported on Thursday, citing the White House, that the Trump administration is not aware of the reported change in Liu’s plans.

    The trade row between the world’s two largest economies erupted in June 2018 when the Trump administration imposed the first round of trade duties on China, prompting Beijing to respond in kind. Since then, the sides have exchanged several rounds of tit-for-tat duty increases and are continue to be engaged in talks to settle their disagreements.


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