Economists urge China to postpone additional phase one US imports – SCMP

Beijing is urged to delay the additional purchases of US products as part of the phase one of the trade deal due to the impact of the coronavirus outbreak on the economy, South China Morning Post reported on Monday.

“If possible, China should bring forward the request to postpone the implementation of purchase plan in an appropriate manner,” Xu Qiyuan said, a researcher at the China Finance 40 Forum, a group of state economists. "Chinese demand for American machinery, electrical equipment and energy needs to be delayed as domestic production has not yet been fully resumed.”

Market reaction

Markets largely ignored this headline and the USD/JPY pair continues to trade in the positive territory below the 110 mark, suggesting the risk sentiment stays positive on Monday.