Bloomberg report China signalling it will not be open to negotiation on industrial policy reform nor government subsidies.
Anyone surprised?
High level trade talks broke up last time along similar fault lines. Chinese negotiators, led by Liu He (Vice Premier) said they couldn't offer more, and yes, talks halted.
China's position has strengthened further with US President Trump under a corruption cloud and moves for impeachment grinding forward.
Positive noises have been made every time a new round of trade talks have been about to being, with naïve tweets about good progress and what have you. Only to have reality bite soon after and nope, a big fat nothing burger the result.
Looks like more of the same ahead. Again, is anyone surprised?
AUD/JPY is lower circa 72.19 as I update. AUD down, yen up … as you'd expect. Not by much though.
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Ministerial level talks begin on Thursday October 10.
