US Treasury secretary remains concerned about weak China currency

The yuan has fallen more than 9% against the dollar in the past six months

The yuan has fallen more than 9% against the dollar in the past six months

The United States past year shipped $170 million in nuclear exports to China, according to official figures.

China's September exports rose a solid 14.5 percent from a year earlier, well above expectations despite wider application of USA tariffs and signs of shrinking export orders for Chinese companies. He has imposed tariffs on an estimated half of all Chinese goods imported to the United States, worth some 250 million dollars.

Mnuchin met on Thursday with Yi Gang, head of China's central bank.

The meeting was said to have been pushed by U.S. Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow.

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Energy Secretary Rick Perry said in a statement. That prompted Mr Trump to threaten to extend the tariffs to nearly all China's $500 billion of exports.

But it was still too early to see the impact of the tariffs, said Julian Evans-Pritchard, China economist at Capital Economics, a consultancy.

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The yuan has lost almost 10 percent of its value against the USA dollar this year.

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela's heavy grades as China's road construction sector-a key consumer of the heavy oil's bitumen yield-is booming.

He also blamed previous USA presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over". "Both sides need to find a way to talk and make some other arrangements". "Americans are not stupid people", Trump said in an interview on "Fox and Friends".

Trump's strategy amounted to "bullying", said Yu Xiang, division of American economic studies at the China Institutes of Contemporary International Relations.

However, an oil trader told Reuters that refinery run rates have been on the rise last month, suggesting demand for fuels was improving.

Mnuchin's comments on China's currency come ahead of next week's scheduled release of a hotly anticipated Treasury report on currency manipulation, the first since a significant weakening of yuan began this spring as trade tensions between the world's two largest economies escalated. "I've reflected that to them", Mnuchin said in a TV interview on CNBC.

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