China stocks gain on trade war hopes

U.S. President Donald Trump and Chinese President Xi Jinping, who spoke by telephone on Thursday, expressed optimism about resolving their trade dispute ahead of a high-stakes meeting at the end of November in Argentina.

Trump said he also talked with Xi about "many subjects", including a "good discussion" on North Korea, where Trump is trying to negotiate an end to Pyongyang's nuclear weapons program.

WASHINGTON, Nov 2 ― A senior Trump administration official today dismissed as untrue a media report that US President Donald Trump was readying a possible trade deal with China, a CNBC reporter said in a post on Twitter.

In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

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Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation Thursday.

"He wants to do it", Trump said of Xi.

"The best possible outcome of the Xi-Trump meeting would be a suspension of imposing tariffs on each other, but the United States would continue its all-out blockade on China's technology development", said Shi Yinhong, a professor on global relations at Renmin University and an adviser to Beijing. "And let's see what happens", Trump said at a White House event.

Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media.

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The news agency said it was not clear if Trump was easing up on demands that China has resisted, and it cited one person as saying intellectual property theft was a sticking point on a possible deal. It also fuelled speculation that Chinese Vice-Premier Liu He's trip to the United States, which had originally been scheduled for September but was cancelled due to the escalation of the trade dispute, might be back in the cards.

It's been a wild ride this week for China's yuan, whipsawed as concern about a slowdown in the world's second-biggest economy gave way to optimism that trade tension with the US may ease.

China's Premier Li Keqiang, right, speaks next to Tennessee Senator Lamar Alexander during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, Thursday, Nov. 1, 2018. He gave no indication whether they made progress on settling an escalating tariff war over Beijing's technology policy. "As the president said, we would like to talk to them about it, but they may not be ready".

China has responded with retaliatory duties on $110-billion worth of USA goods. 'But we have a chance to make a fair deal, because China has been hurting us and trade deals have been hurting us.

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