China says in 'communication' amid report of Trump-Xi meet

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HSBC said that China's export growth surprised to the upside in September, as exports to the European Union accelerated and growth of exports to the U.S. remained stable.

"Exports continued to defy US tariffs last month but imports struggled in the face of cooling domestic demand", said Julian Evans-Pritchard of Capital Economics in a report.

Mr Trump lashed out as as senior White House figures accused China of trying to destabilise U.S. democracy and presenting the most serious threat to its security.

Chinese exports to the United States also rose by 14 percent while Chinese imports from America dropped 1.2 percent.

Customs data on Friday showed growth in Chinese imports of USA goods decelerated to 9 percent over a year earlier. Imports of American goods increased 9 percent to $12.6 billion, down from August's 11.1 percent growth.

A U.S. Treasury official this week voiced concerns about China's recent currency depreciation.

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China will remain on a monitoring list for currency manipulation because of its significant trade surplus with the USA, the people said.

"It looks like there will be a meeting in Buenos Aires at the G20", Kudlow said in an interview with CNBC.

Mnuchin also told Reuters in an interview that China needs to identify concrete "action items" to rebalance the two countries' trade relationship before talks to resolve their disputes can resume.

This week, China's central bank reduced the cash reserves that banks must hold to boost lending.

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.

Meanwhile, China is ramping up exports before the Trump administration's tariffs take full effect.

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Ryan Hass, a China expert at the Brookings Institution, said: "President Trump is on track this year to preside over the new record for the largest trade deficit in the history of US-China relations, beating the record that was set under his watch last year".

The Trump administration is trying to overcome a US$376 billion trade deficit with China and combat what it claims are unfair trade practices by Beijing. The amount was 10,000 bpd higher than the August import rate and was also the third monthly increase in a row as teapot refiners prepare for winter.

China's overall export growth accelerated, temporarily defying forecasts of a slowdown as the global economy and consumer demand cool. Their economy has gone down very substantially.

The government is also concerned about diversion for use of technology by other countries, one of the officials said.

In a separate report released on Friday, the International Monetary Fund (IMF) cut its expectations for China's GDP growth by 0.2 per cent for 2019, citing the ongoing trade tensions.

Shipping containers are seen at a port in Lianyungang, Jiangsu province, China September 8, 2018.

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"He won't be happy with these figures but it proves that tariffs don't help curb exports", Huo said.

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