US Treasury Sec. Mnuchin: No trip planned to Beijing for more in-person talks

In an interview with Reuters on Wednesday, United States (US) Treasury Secretary, Steven Mnuchin, noted that China's purchase commitments for US agricultural goods will take some time to scale up to $40-50 billion annual target.

"Agricultural targets in phase one trade deal are based on Chinese commitments to buy specific products," Mnuchin explained. "We are encouraged by the Chinese vice commerce minister's comments on planned market openings, removal of certain investment restrictions."

The 10-year US Treasury bond yield failed to reverse its direction on these comments and was last down 2.3% on the day at 1.8%. Below are some additional quotes.

"Chinese vice commerce minister's pledges to fully open the financial services market, eliminate forced technology transfers are 'consistent with our agreement' for phase one trade deal."

"No trip planned to Beijing for more in-person talks, phone calls have been productive and will continue."

"Not at point of making a recommendation to US President Trump on the disposition of scheduled December 15 tariffs on Chinese goods."

"China financial services market openings not based on anything negotiated during Obama-era bilateral investment treaty talks."