China's trade surplus with the USA hit record highs in September

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

"A lot of people were concerned when the QEs were done whether the Fed would ever be able to downsize and I think the market has handled the supply very well, ' Mnuchin said".

Mr Trump lashed out as as senior White House figures accused China of trying to destabilise USA democracy and presenting the most serious threat to its security.

The September surplus with the USA was larger than China's overall trade surplus of $31.69 billion for the month.

The US tariffs cover a broad range of Chinese consumer goods, while China's were aimed mainly at American liquefied gas, machinery and electric equipment.

Relations between the world's two largest economies soured sharply this year, with US President Donald Trump vowing on Thursday to inflict economic pain on China if it does not blink.

Treasury said in its April report that it is considering expanding the number of countries it examines from 13, with analysts speculating that the number could go as high as 20. "Americans are not stupid people", Trump said in an interview on "Fox and Friends". "I said it's over".

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"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday. The Chinese currency has been falling in value against the dollar in recent months, raising concerns that Beijing is devaluing its currency to make Chinese goods more competitive against US products.

But US Treasury Secretary Steve Mnuchin said Friday he is not "losing any sleep" over the prospect of China selling its stockpile of US government bonds, CNBC reported. The central bank has tightened controls on currency trading to head off further declines.

The jibe hits at a sensitive area for the USA and other Western nations long concerned with protecting intellectual property and preventing improper technology transfer to China lest Beijing gain a competitive advantage. They also expressed concern about use of the technology in weapons. Chinese officials "made it clear it's not in their interest to see depreciation further". The review was prompted by China's accelerated efforts to acquire US intellectual property to the detriment of USA businesses and military interests, they said.

The Chinese yuan has lost almost 10 per cent of its value against the dollar this year.

"Until they allow their currency to float freely, they are guilty", said Dan DiMicco, a former chief executive officer for the steelmaker Nucor Corp. who was an adviser to Trump's campaign and presidential transition and now sits on an advisory committee for U.S. Trade Representative Robert Lighthizer.

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