“Vice-Premier Liu He will arrive in the US with an array of gifts, including measures such as a reduction in excess car duties and increased purchases of farm products and energy as well as assurances that Beijing intends to make more moves on market opening, intellectual property and technology transfer,” Jonathan Fenby, chairman of the China team at TS Lombard wrote. “But the structural issues remain and present fundamental difficulties.”

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As ongoing trade negotiations with the U.S. and China continue, this is the primary trigger event the markets are waiting for.

“In the end, it will all depend on how Trump decides between a short-term outcome and longer-term aims, which will involve broader domestic political calculations,” Fenby added.

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