US Treasury Chief May Visit China

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In his speech to the IMF's policy committee Saturday, Yi Gang, the head of China's central bank, said that global growth could be hurt by "an escalation of trade frictions caused by unilateral actions", an obvious reference to America's threatened tariffs against China.

An IMF advisory committee has called on global financial institutions, including the World Bank, to work on a multi-pronged programme to enhance debt transparency and sustainability, as India sought mitigation of the rising debt vulnerabilities of low income countries.

The International Monetary Fund warned on Thursday that trade tensions between the USA and China and some other countries could erode the confidence that is vital for global growth.

Escalating tensions between the USA and China have rattled financial markets and raised concerns the world is barreling toward a trade war.

"It's definitely a job that we have been working, that we will continue working with, and now I am delighted he's supporting us" Lagarde said at a Facebook Live interview with CNBC at the IMF Spring Meetings in Washington. "They were trying to pacify the markets and prevent USA stock prices from falling further", said Mei Xinyu, a senior research fellow of the Commerce Ministry's Chinese Academy of International Trade and Economic Cooperation.

In recent weeks, however, both countries have hunkered down with neither moving forward on their threats as economists warn that a trade war would be a lose-lose scenario for both countries.

Le Maire repeated his criticism of the United States tariffs on steel and aluminum which were aimed at China but only spared the European Union and other key trading partners under a temporary exemption that is due to expire May 1.

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In remarks Friday, Mnuchin said the Trump administration was convinced that unfair global trade practices were impeding growth in the United States and other nations, "acting as a persistent drag on the global economy".

Kojak clarified during the World Bank Group and International Monetary Fund Spring Meetings, that the first installment amounted to $2.75 billion.

"Rising financial vulnerabilities, increasing trade and geopolitical tensions and historically high global debt threaten global growth prospects", the International Monetary Fund communique said.

Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing. Each has proposed imposing tariffs of $50 billion on each other's products; President Donald Trump is looking to impose tariffs up to $100 billion more on Chinese goods.

"It's a separate issue", the official said on condition of anonymity. "The president has been very clear on what our objectives are", Mnuchin said.

He appealed for the International Monetary Fund to go beyond its traditional role as an emergency lender for countries in financial distress and said it should more closely monitor the practices of countries that persistently run large trade surpluses.

"I hope it is a negotiating strategy".