Yuan Hits Record Low, US Futures Tumble As China Trade-Talks Stall

Having managed to scramble back up to almost unchanged, headlines confirming that US officials rejected China's request to delay Sept 1st tariffs and, more importantly, that US and China are now struggling to set a September meeting for trade talks, have sparked a plunge in US equity futures and offshore yuan.

Bloomberg reports that Chinese and U.S. officials are struggling to agree on the schedule for a planned meeting this month to continue trade talks after Washington rejected Beijing’s request to delay tariffs that took effect over the weekend, according to people familiar with the discussions.

The immediate reaction is a kneejerk back to last night's opening lows...

And offshore yuan plunged to a new record low...

Source: Bloomberg

As Gold spikes...

"China is moving along, we’re doing very well," Trump told reporters over the weekend.

“We are talking to China, the meeting is still on as you know, in September. That hasn’t changed -- they haven’t changed it, we haven’t. We’ll see what happens. But we can’t allow China to rip us off anymore as a country.”

It appears he may have been exaggerating a little.