China Denies Call Between President Xi and Donald Trump, Dollar Index Falls 0.11% as EUR/USD Climbs 0.04% China Denies Call Between President Xi and Donald Trump, Dollar Index Falls 0.11% as EUR/USD Climbs 0.04%

Key Moments:

• China’s Foreign Ministry confirmed that contrary to earlier statements issued by Trump, no recent calls between Xi Jinping and the US president have occured.
• Guo Jiakun stated that no consultations or negotiations on tariffs have been undertaken.
• The US Dollar Index fluctuated on Monday and fell 0.11% to 99.476.

China Responds to Trump’s Claims of Recent Communication

China’s foreign ministry clarified on Monday that President Xi Jinping and US President Donald Trump have not had a phone conversation recently. This statement came after Trump told Time magazine in an interview that Xi had reached out to him.

No Progress Reported on Tariff Discussions

During a regular press briefing, Guo Jiakun, spokesperson for China’s foreign ministry, emphasized that there have been no recent consultations or negotiations between China and the United States regarding tariffs.

Adding to the confusion, reports had surfaced suggesting that the Trump administration was considering reducing tariffs on certain Chinese imports, contingent upon successful talks with Beijing. However, Beijing had consistently denied any such discussions, accusing Washington of disseminating misleading information.

US Dollar Index Drops 0.11%

The ongoing trade dispute has weighed on global markets and has also affected various currencies. On Monday, it experienced volatility under the 100 mark, and is trading below 99.5 at the time of writing. This pushed the EUR/USD exchange rate to 1.1366, a tentative recovery from earlier lows. GBP/USD also saw an increase, climbing by 0.45%, while the USD/JPY pair fell 0.34%.