Lagarde Expects More Market Volatility With Trade Trouble

Lagarde Expects More Market Volatility With Trade Trouble”

The meetings in Bali, Indonesia, this week were overshadowed by a spate of financial market turmoil and by the threat to global growth from the trade clash between the US and China over Beijing's technology policies.

China central bank governor Yi Gang said on Sunday (Oct 14) that he still sees plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR), as downside risks from trade tensions with the United States remain significant.

"It's not going to be in the interest of anyone in the world ... for us to get behind the curve in the U.S. by moderating what we think is the right course of domestic policy", Quarles told a finance conference in Bali.

Speaking at a press briefing, US Department of State spokesperson Heather Nauret said: "So we understand that Pakistan has formally requested assistance from the International Monetary Fund".

Mnuchin said on Saturday that he had been told by Chinese delegates that Beijing had no intention of engaging in competitive devaluation during the trade war. -China trade confrontation would hobble global economic growth, as the fund lowered its forecasts for this year and next.

IMF Chief also confirmed the news of meeting with the Minister and other Pakistani officials and said in a statement, "During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges".

IMF Managing Director Christine Lagarde said that while global growth is still strong, it has leveled off.

"The recovery is increasingly uneven, and some previously identified risks have partially materialised", the communique said, referring to threatened tariffs.

Mnuchin on Saturday said Chinese officials told him at the Bali meetings this week that a further depreciation of China's yuan currency was not in the country's interests.

The central bank chief said growing trade tensions with the United States had led to negative market expectations and created uncertainties.

As the trade war rages on, White House economic advisor Larry Kudlow said Thursday that the US administration is working on a meeting between US President Donald Trump and Chinese President Xi Jinping at the G-20 summit in Argentina next month. Washington accuses Beijing of manipulating its currency in order to gain trade advantages.

"Risks are increasingly skewed to the downside amid heightened trade tensions and ongoing geopolitical concerns, with tighter financial conditions particularly affecting many emerging market and developing countries", the International Monetary Fund said in a communique.

China's monetary stance was still basically neutral, he said.

Beijing and Washington have slapped tit-for-tat tariffs on each other's goods, and plans for bilateral trade talks to resolve the dispute have stalled, triggering a market rout and adding further pressure on China's already weakening economy. The strong dollar and interest rate hikes by the US Federal Reserve have made conditions "a little tight" and "capital has been flowing out of some developing nations", he said.

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