After three months of bluster and huge tariffs on both sides, Beijing and the Trump administration are softening their language on holding negotiations.

At the time of writing, the US has not denied China's claims that it has been attempting to initiate talks. But the fact that both sides have now made that assertion indicates there is "some sort of contact", according to Mr Chong.

Oil prices pulled ahead in early Asian hours on Friday after China said its door is open for talks with the United States, raising hopes of a de-escalation in a bitter trade war between the world's two largest economies.