Beijing is revising its strategy as it prepares for a protracted trade war - SCMP

According to Chinese news outlet South China Morning Post, experts see China's decision to hold Monday's high-level trade talks in Shanghai as Beijing revising its strategy while preparing for a protracted trade war with the United States.

"By choosing global financial hub Shanghai rather than the political centre of Beijing, China is trying to play down the political aspects of talks and emphasise the commercial elements, analysts suggested," wrote SCMP's Zhou Xin. "The choice of Shanghai implies that China is trying to focus on the technical issues such as the US relaxation of sales restrictions to Huawei technologies and China's purchase of US farm products."

Earlier in the session, several news outlets reported that China had approved US soybean purchases as goodwill. 

These headlines don't seem to be having a direct impact on currencies at the moment and participants will be paying close attention to Wall Street's performance to get a better understanding of the market sentiment.