China confirms more trade talks with US in January

China and the US will hold more trade talks in January, China’s Commerce Ministry spokesman Gao Feng confirmed on Thursday.

Gao said he was confident in a “successful implementation” of a consensus reached between US President Donald Trump and his Chinese counterpart, Xi Jinping at the G20 in Argentina.

The truce included a delay in the increase of tariffs on $200bn worth of Chinese goods while they negotiate an agreement that suits both sides.

Gao added the relationship between both countries had gotten closer since then and said there had been a vice-ministerial call on Wednesday, to go over arrangements for more talks and the issues of trade balances and the protection of intellectual property rights.

“The two sides will arrange consultations including meetings and calls at any time as needed to promote the implementation of the consensus of the heads of state,” Gao told reporters in Beijing.

OANDA Markets analyst Stephen Innes said the offshore traded yuan, known as the CNH, had reversed earlier losses on the news.

"Provided both parties remain at the table there is light at the end of the tunnel even in the absence of concrete progress. Let's see if this is good enough to stabilise risk, but given the chop, it does feel like traders have their finger in the wind not sure which way which way to turn," he said.