World Bank to reduce lending to China


After constant assurances from him and China of a near deadline for the completion of the deal.

"The reality is constructive talks, nearly daily talks, we are, in fact, close", Kudlow said. A wide range of indicators supports this picture.

THE United States Donald Trump has asked the World Bank to desist from assisting China with more loans in the coming years.

"That being said, dealers haven't forgotten the remarks from President Trump that a deal could be delayed until after the 2020 presidential election".

China's economic data, stronger than expected, gave stock markets a bounce despite ongoing concern about whether Washington and Beijing will be able to conclude a trade deal in the weeks to come. "The question (presently) is, not just whether we will get a deal before December 15, which in my view remains a coin-toss". Trump chipped in himself on Thursday saying talks were "moving right along".

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Negotiations appeared to take a hit after the USA passed legislation in support of Hong Kong pro-democracy protests and a bill seeking sanctions against senior Chinese officials over the crackdown on mainly Muslim Uighurs in Xinjiang.

In China, the Shanghai Composite traded 0.25% lower at press time, while the Shenzhen Index was up 0.16%.

He did not provide a direct response when asked about China's view on additional USA tariffs, which are set to take effect December 15. First, the White House has calibrated tariffs on China, so that the first tranches would hurt the USA the least.

But more market turbulence is possible in the short term given Sino-US negotiations are very fluid. But they continue to wrangle over key details, including the extent of any rollback in tariffs by the United States and how much of agricultural products China will buy. "Domestic business and consumer sentiment will also improve slightly, supporting investment and consumption, although trade-related uncertainty will likely remain elevated in the short term", Sylvia Sheng, global multi-asset strategist at J.P. Morgan Asset Management in Hong Kong, wrote in a recent note. Second, Trump will soon need some relief for the farmers that are in great pain due to China's lack of purchases. On Monday, the president had said it could take until after the 2020 US presidential election to reach a deal with China.

Following negative leads from USA markets, the Australian share market looks set to drop at the open.