Ahead of the much-anticipated meeting between presidents Trump and Xi on the sidelines of a G20 summit in Argentina at the end of November during which hopes run high for at least a modest de-escalation of trade tensions, on Wednesday China delivered a written response to U.S. demands for wide-ranging trade reforms, a move which according to Reuters could trigger negotiations to bring an end to a withering trade war between the world’s top economies. Reuters' sources said that China had sent a written response to Trump's demands on intellectual property theft, industrial subsidies, Chinese entry barriers to American businesses and the U.S. trade deficit with China, although it was unclear if the response contained concessions that would satisfy Trump’s demands for change. For the actual contents of the letter, we have to go to Bloomberg which reports that the text "outlines a series of potential concessions to the Trump administration for the first time since the summer" as they continue to try to resolve a trade war between the world’s two largest economies. However, the commitments - for now - fall short of the type of major structural reforms that President Donald Trump has been demanding, "two of the sources said, cautioning that a long road lies ahead in negotiations. One person said that talks are continuing and constructive." Then again they can't be that constructive because one of the sources said the letter "raised doubts" over how substantive a deal Trump could make with Chinese counterpart Xi Jinping when the two leaders meet later this month. Most of the document appeared to be a rehash of previous changes already made by Beijing, such as raising equity caps on foreign investment in certain industries, according to one person. It did not contain the sort of commitment to change industrial policies such as Xi’s “Made in China 2025” that Washington has been seeking, according to one person familiar with the discussions. Two other people familiar with the talks also said the Chinese offer was a sign of what they characterized as constructive discussions between the two sides ahead of the planned G20 meeting between the two leaders. Of course, if it was truly constructive, the Yuan would be surging, yet one look at the offshore currency, shows that the USDCNH has barely budged from its Tuesday closing price of 6.945, although it also remains well away from the key 7.00 level.