The US Treasury secretary Steven Mnuchin was out on the wires in the last hour, saying that markets are not efficient and can sometimes overshoot on both downside and upside.
• Experiencing a "normal correction" (referring to the recent rout over the past two trading sessions).
• Told PBOC Governor Yi Gang that currency must be part of any US-China trade discussions.
• Needs concrete "action items" from China to rebalance trade relationship in order for talks to resume.
• US-China annual trade relationship could be worth $1 trillion if rebalanced, approaching the size of NAFTA.
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