However, in an interview with Bloomberg News, Mnuchin said he’s worried about the recent decline in the value of the yuan. “We are concerned about the depreciation and want to make sure that it’s not being used as a competitive devaluation,” he said in Bali.

Competing Visions

Until any diplomatic breakthrough, both sides are trying to rally support, but some observers see that the advantage, at least for the moment, lies with China.

"The U.S. is losing the battle to isolate China within the G-20. It has lost the trust and alienated its major partners," said Thomas Bernes, a distinguished fellow at the Centre for International Governance Innovation in Waterloo, Ontario, and a former IMF executive director. "The irony is that many countries supported U.S. concerns but U.S. policy actions have driven them away."

China is reaching out to Europe with pledges to improve market access. Beijing is also dangling the carrot of investment through Xi’s signature Belt and Road Initiative, a sweeping project to build infrastructure across Eurasia. However, the reception of those overtures has been somewhat cool.

In a July meeting between Chinese and European leaders and businesspeople, Cecilia Malmstrom, Europe’s trade commissioner, praised China’s "strong pleas to keep markets open and fight protectionism," but added, "we would like to see these encouraging words translated into more concrete action."

China-EU Talks

The Commission President Jean-Claude Juncker said that he hopes “that globalization and interdependent multilateralism remain the direction of the world," but warned that "the EU is open but it is not naive."

In response, Chinese Premier Li Keqiang encouraged greater European investment into China, promising to "open the door wider and create a better business environment."

China has certainly made some moves to open its economy this year, announcing that foreign companies could increase their stakes in financial and car companies, and cutting import tariffs on a variety of goods to lower costs for consumers. These changes will also reduce costs for foreign companies looking to produce or sell in China.