G20 / Trump, Xi eye G20 talks after very good phone call

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade

Presidents Xi and Trump held a phone conversation on Thursday, with the USA leaders saying the call had "a heavy emphasis on Trade". As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house. We are much closer to doing something.

The Chinese president also said he would like to meet Trump at the G20.

"Those discussions are moving along nicely", Trump wrote on Twitter. Xi held the meeting amid signs that the world's second largest economy is losing steam as it faces a trade war with the United States, a massive debt buildup and a weakening currency.

Trump's latest comments come after he had a "long and very good" discussion with his Chinese counterpart on Thursday on trade.

However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the USA was "not on the cusp of a deal".

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"Both leaders attach great importance to China-U.S. ties and economic ties", Lu said.

Asian stocks recovered Friday on a report by Bloomberg saying that US President Donald Trump had asked officials to draft terms for a potential trade deal with China following a phone call with Chinese President Xi Jinping. He added that any agreement should be a "good deal" for the United States and a "fair deal" for both the nations.

"Hence the next four weeks between the United States midterm elections and the G20 meeting in Argentina on 30 November will be important to see how things progress".

The yuan is continuing to push forward with gains against the greenback as talks of a US-China trade resolution continues to fuel the rally seen in the past two days.

One person said a key sticking point in any potential deal is intellectual property theft, where the Trump administration has sought to take a hard line.

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Fujian Jinhua Integrated Circuit and Taiwan's United Microelectronics were indicted along with three individuals, the USA justice department said.

News of a potential trade breakthrough between the United States and China sent stocks across Asia and Europe sharply higher, while U.S. futures were rallying Friday morning.

He has also emphasized the need to reduce the USA trade deficit with China.

"I hope that China and the USA will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier.

Trump, who began targeting China's trade policies before he entered office, has imposed three rounds of tariffs on Chinese products worth more than $250bn since the beginning of his administration.

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The Shanghai Composite index rebounded 1.2 percent to 2,573.33 and South Korea's Kospi picked up 1.3 percent to 2,021.82. The cause of the conflict was the desire of Donald trump to reduce the USA negative trade balance with China.

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