Whether it's a hollow truce or a handshake agreement, the G-20 will likely hurt the yuan

China's currency will likely continue its slide against the U.S. dollar— possibly falling below the key 7.00 yuan per dollar level — if Washington and Beijing fail to step back decisively from an all-out trade conflict at this week's G-20 summit in Argentina.

Most global macro and currency strategists contacted by CNBC are not optimistic of a breakthrough at the meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on Nov. 30 and Dec 1.

"This is about much, much more than just a trade surplus," said Jonathan Pain, author and publisher of the weekly Pain Report. "We are at the early stages of a long drawn out economic war between America and China."

Michael Every, head of financial markets research Asia-Pacific at Rabobank, characterized the likely upshot of G-20 as "can-kicking at best." The Chinese president "can't deliver on anything the U.S. wants and needs. Hence no deal," he said.

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