Trump tweeted on Sunday that there was “substantial progress” made in US-China trade talks on “important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues”. Hence he will be delaying the scheduled March 1 tariff increase. In other words, trade truce now extends beyond the date.

Trump added that assuming there is additional progresses, he is planning a summit with Chinese President Xi Jinping at Mar-a-Lago resort in Florida to conclude the agreement.

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Later, Trump also said there could be “very big news over the next week or two” if all goes in well. He added that “China has been terrific. We want to make a deal that’s great for both countries and that’s really what we’re going to be doing.”

China’s Xinhua also said the US and China have made “substantial progress” on specific issues in the latest round of trade talks.

USD/CNH (offshore Yuan), resumes recent decline and hits a seven month low after the news. It’s now heading back to 61.8% retracement of 6.2359 to 6.9804 at 6.5020.

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