Following news that Chinese officials are traveling to Washington next week for midlevel trade talks, it has been reported that the trip is a lead up to meetings between Chinese President Xi Jinping and US President Donald Trump, planned for November.

The Wall Street Journal first reported the scheduled meetings Friday afternoon, citing officials from both countries, writing that Chinese and US negotiators have begun drawing up a roadmap for talks, in hopes of ending a trade conflict that has at points appeared poised to spiral out of control.

Following the news, US-listed China ETFs rose in New York trading.

Teams set to negotiate in Washington next week will be led by Treasury undersecretary David Malpass on the US side and Vice-Commerce Minister Wang Shouwen for China.