Trump is NOT winning the trade war

The yuan has fallen more than 9% against the dollar in the past six months

Julian Evans-Pritchard, an economist at Capital Economics, tells the Post that one reason that China has been able to beat Trump's tariffs so far is that its currency value has depreciated by more than eight percent since June, which has helped make its products even cheaper overseas, while also reducing domestic demand for US imports.

Mnuchin suggested that the two leaders could meet next month if the Trump administration felt trade discussions were moving in a positive direction.

Mnuchin has said since July that Treasury is concerned about the yuan's recent drop.

"I think it's pretty clear that if there is an IMF program, that we'd need to make sure those funds are used for appropriate purposes and they're not being used to repay China or other creditors". She pointed to the dollar's strength as the main culprit for the weaker Chinese currency.

The Wall Street Journal and the Washington Post both cited officials saying Trump has made a decision to proceed with the meeting with Xi.

Mnuchin said in the discussions he had with the Chinese they had made clear that they did not see a further weakening of the Chinese yuan as being in their interests.

US President Donald Trump makes a statement at the White House in Washington, DC, on November 28, 2017.

China reported on Friday an unexpected acceleration in export growth in September and a record trade surplus with the United States, which could exacerbate an already-heated dispute between Beijing and Washington.

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"I said it's over".

Mnuchin said he expressed his concerns over the weakness of Asian nation's currency and reiterated the USA push for market reforms as well as opening up trade between the two countries. But Mnuchin said this possibility didn't concern him because it would be contrary to Beijing's economic interests to start dumping its Treasury holdings.

Analysts said last month's strong export growth - which might indicate USA tariffs are not biting much yet - is unlikely to be sustained.

Overall, China's global exports rose 14.5 percent over a year earlier, up from August's 12.2 percent growth.

Over the first nine months of the year, China's surplus with its largest export market totaled $225.79 billion, compared with about $196.01 billion in the same period last year. Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose.

Treasury Secretary Steve Mnuchin said any trade talks between the US and China must include discussions about currency issues.

The U.S. equities turbulence roiled through Asian markets early on Thursday, with the benchmarks from Tokyo to Hong Kong seeing declines in excess of 3 percent. That prompted suggestions Beijing might weaken the exchange rate to help exporters. Apple, for instance, has an established supply chain in the world's second-largest economy, with the Greater China region accounting for about a fifth of its sale. The central bank has tightened controls on currency trading to prevent further declines.

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