Mnuchin says that markets are not efficient, experiencing a "normal correction"
Comments by US Treasury secretary Steven Mnuchin
- Sometimes markets can overshoot on both downside and upside
- Told PBOC governor Yi Gang that currency must be part of trade discussions
- Needs concrete "action items" from China to rebalance trade relationship in order for talks to resume
This is very much a repeat of his comments here yesterday. Once again, he's laying out the case that China needs to bring the yuan into trade discussions otherwise there won't be any. I don't think Chinese authorities would be too pleased with that. But I'm sure they know well enough that if you start giving in on one request, where do you draw the line?