MNI BRIEF: China Has Been In Communication With U.S. On Trade

China has communicatied with with relevant departments in the U.S. government regarding trade issues, said He Yongqian, spokesperson for the Ministry of Commerce, at a press conference on Thursday, adding that Beijing hopes to work with Washington in the spirit of mutual respect.

The Ministry of Commerce (MOFCOM) had requested an explanation from Walmart regarding reports the retailer asked Chinese suppliers to absorb the impact of additional U.S. tariffs on Chinese goods by reducing prices, He said, without providing further details.

The People’s Bank of China has kept to its stance of being prepared to support the yuan despite the imposition of fresh U.S. tariffs, traders and advisors told MNI that for now they do not expect significant depreciation against the dollar this year. (See MNI: PBOC Persists With Yuan Support For Now-Advisors)