US Treasury Sec. Mnuchin: Currency must be a part of any US-China trade discussions

The US Treasury secretary Steven Mnuchin was out on the wires in the last hour, saying that markets are not efficient and can sometimes overshoot on both downside and upside.

Additional quotes:

   •  Experiencing a "normal correction" (referring to the recent rout over the past two trading sessions).
   •  Told PBOC Governor Yi Gang that currency must be part of any US-China trade discussions.
   •  Needs concrete "action items" from China to rebalance trade relationship in order for talks to resume.
   •  US-China annual trade relationship could be worth $1 trillion if rebalanced, approaching the size of NAFTA.