*US TREASURY SECRETARY URGES CHINA TO HONOUR BUSAN ARRANGEMENT COMMITMENTS

The US Treasury Secretary has publicly called on China to honour the commitments made under the Busan arrangement, signalling that Washington expects Beijing to follow through on previously agreed trade and economic undertakings. The statement points to a transmission channel through trade-policy risk and renewed uncertainty over the durability of US-China bilateral arrangements, which tends to feed into dollar demand as a safe-haven and into risk premia on Chinese assets. Chinese equities and the renminbi are the most directly exposed, since any perceived slippage in compliance raises the probability of tariff escalation or retaliatory measures affecting export-oriented sectors. US Treasuries may see modest support from defensive positioning, while the dollar could firm against Asian currencies if traders price a higher likelihood of renewed trade friction. Traders should watch the next official Chinese response and Commerce Ministry commentary, along with any scheduled bilateral trade talks, for confirmation of whether compliance concerns translate into concrete policy action.

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