US-China moving closer to agreeing upon a phase one trade agreement - Global Times

The United States (US) and China are moving closer to finalizing the phase one of the trade agreement despite reports suggesting otherwise, Chinese news outlet Global Times reported on Monday, citing Chinese experts close to the government.

"The two sides have basically reached broad consensus for the phase one agreement," Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing who is close to the trade talks, told the Global Times.

"Gao's comments were in line with Chinese officials' long-standing stance concerning the trade talks: China wants a deal, but a fair and balanced one," the Global Times further added.

These comments don't seem to be having an impact on the market sentiment so far with the 10-year US Treasury bond yield adding 0.75% on the day.