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China stocks gain on trade war end hopes | |
(about 1 hour later) | |
Stock markets in China gained on Friday after US President Donald Trump said trade talks with Beijing were "moving along nicely". | Stock markets in China gained on Friday after US President Donald Trump said trade talks with Beijing were "moving along nicely". |
Hong Kong's Hang Seng jumped 3.9%, Shanghai Composite rose 2.4% and the yuan firmed. | Hong Kong's Hang Seng jumped 3.9%, Shanghai Composite rose 2.4% and the yuan firmed. |
The moves also follow media reports that pointed to progress on the US-China trade dispute. | The moves also follow media reports that pointed to progress on the US-China trade dispute. |
It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month. | It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month. |
The event will be closely watched for any progress in the resolution of the bitter trade dispute between the world's two largest economies. | The event will be closely watched for any progress in the resolution of the bitter trade dispute between the world's two largest economies. |
On Thursday, comments made by Mr Trump appeared to be an attempt to ease tensions. | On Thursday, comments made by Mr Trump appeared to be an attempt to ease tensions. |
"Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade," the US president tweeted. | "Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade," the US president tweeted. |
Mr Xi said he was "very happy" to talk to Mr Trump again and that he puts "great importance [on] good relations with the president", according to Chinese state media. | Mr Xi said he was "very happy" to talk to Mr Trump again and that he puts "great importance [on] good relations with the president", according to Chinese state media. |
The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side. | The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side. |
Washington introduced the duties in response to what it says are long-running, unfair trading practices by China, and Beijing has retaliated in kind. | Washington introduced the duties in response to what it says are long-running, unfair trading practices by China, and Beijing has retaliated in kind. |
But other signs of trade progress surfaced Friday. | But other signs of trade progress surfaced Friday. |
A Bloomberg report said the US president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources. | A Bloomberg report said the US president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources. |
Separately, the South China Morning Post - also citing unnamed sources - reported that Mr Trump had offered to host a dinner for the Chinese president after the G20 summit. | Separately, the South China Morning Post - also citing unnamed sources - reported that Mr Trump had offered to host a dinner for the Chinese president after the G20 summit. |
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