Talks create opportunity for more two-way financial liberalization

Talks between President Xi Jinping and his US counterpart Donald Trump this week have raised hopes for further two-way liberalization of the financial markets and strengthened coordination of monetary and financial policies between Beijing and Washington, analysts said.

The expectation is that the first diplomatic encounter between the two leaders will have laid the groundwork for progress in key areas such as increasing US companies' access to the Chinese financial service sector, lifting the profile of the Chinese currency in the US market and cementing consensus over sensitive issues like the yuan's exchange rate against the US dollar, they said.

Xu Hongcai, deputy chief economist of the China Center for International Economic Exchanges, said that the meeting created an opportunity for the leaders to seek a two-way opening of the financial sectors on an equal basis, which would serve both countries.