The U.S. and China plan to revive semiannual economic talks, as part of the signing of a "phase-one" trade deal between the world's two largest economies, according to media reports.

The official announcement is due Jan. 15, with Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He expected to head the meetings, The Wall Street Journal, Reuters and the Financial Times reported over the weekend.

U.S. President Donald Trump abandoned the practice of holding regular economic dialogue with China in 2017, after the administration's first round of talks failed. Former U.S. President George Bush kicked off the regular sessions, which were continued by the Obama administration.

Federal Reserve Chairman Jerome Powell and People's Bank of China Governor Yi Gang are expected to sit in on sessions focusing on macroeconomic issues, according to the Journal, which first reported the news.

These regular discussions would reportedly be separate from talks for a comprehensive trade deal between the U.S. and China.

The Chinese onshore yuan rose 0.3% around 2:50 a.m. ET to 6.8999 versus the dollar, while the offshore yuan strengthened 0.23% to 6.8991 per dollar, slipping below the 6.9 per dollar mark for the first time since July 2019.