Bloomberg confirmed US Secretary of State Antony Blinken would postpone his trip to Beijing amid spy balloon allegations.

The two-day trip was set to begin on Sunday. Even before Blinken postponed his trip, expectations were low to reset deteriorating Sino-US ties.

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Update (0932ET):

In response to some US officials accusing China of sending a spy balloon near ICBM fields in Montana, the Chinese foreign ministry said the balloon was for monitoring the 'weather' and veered off course and entered into US airspace due to force majeure.

The ministry "regrets the unintended entry" and said Chinese officials would continue communicating with the US about the balloon. They added the balloon is for meteorological and 'other scientific research.'

Earlier, foreign ministry spokeswoman Mao Ning urged the US to act "calmly and prudently" after some US officials accused China of sending a spy balloon.

"I want to emphasize that before the facts are clear, any speculation and hype are not conducive to the solution of the problem," Ning said.

So China states the balloon is for weather purposes only, while some US officials declare it a spy balloon. One thing is certain. The balloon mysteriously ended up near a highly sensitive area in Montana that is home to ICBM fields.

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US military commanders have advised President Biden against shooting down a Chinese spy balloon flying over the US.

Reuters said the US military took "custody" of the "high-altitude surveillance balloon" and deployed military aircraft, including stealth fighter jets, to observe it.

Such balloons operate at an altitude of 15-22 miles, well above commercial air traffic. The balloon's size is estimated to be equivalent to three buses.