In the early hours of Wednesday, Donald Trump declared that Xi Jinping was “VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Some 36 hours later, the US leader said he got what he wanted: A commitment to restore the flow of rare earth magnets.

China sought to depict a call between Xi Jinping and President Trump as an appeal from one strongman leader to another to run a tight ship and stay on course.

China's yuan slipped against the dollar while falling to a near two-year low versus its major trading partners on Friday, as U.S. President Donald Trump and Chinese leader Xi Jinping held a much-anticipated call but left key issues that have stoked tensions between the world's two largest economies unresolved.

Confirmation by the Trump Administration of a phone call between President Trump and Chinese President Xi sent Treasury yields higher.