Active preparations for a trilateral summit on the sidelines of China's APEC forum in Shenzhen have driven the overwhelming market consensus toward a China location. President Trump has publicly stated he expects to meet Presidents Putin and Xi there next week to discuss denuclearization and related issues, while Russian and Chinese officials have confirmed ongoing coordination following Putin's October proposal. This diplomatic momentum, including recent U.S.-Russia contacts and the summit timeline, has positioned China as the clear frontrunner in trader assessments. A cancellation, shift to bilateral format elsewhere, or failure to reach agreement before year-end could still alter outcomes, though current evidence of host coordination and leader statements makes such shifts less probable.