World Bank ends meetings with call to brace for risks

IMF chief Christine Lagarde speaking at a press conference in Indonesia

IMF chief Christine Lagarde speaking at a press conference in Indonesia

"(A) free fair and reciprocal relationship".

Mnuchin said no decision had been made yet and the USA was not - "for the moment" - requiring any Chinese concessions before Trump agrees to a meeting.

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".

Mnuchin also pushed back against the growing global angst over the US-China trade fight, saying that pressuring Beijing into adopting more open trade policies would be good for all. "We will refrain from competitive devaluations and will not target our exchange rates for competitive purposes", it added.

United States Secretary of the Treasury Steven Mnuchin speaks during an interview with Reuters at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.

"To the extent that we can make progress toward a meeting, I would encourage that and that's something we are having discussions about".

"We need to have a complete understanding and absolute transparency about the nature, size and terms of the debt that is bearing on a particular country", IMF MD Christine Lagarde told reporters in Bali.

Federal Reserve Vice Chair Randal Quarles said the USA central bank considers the effect of its actions on emerging markets, but getting domestic monetary policy right was the Fed's priority.

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

And the Fund further cautioned that "everyone is going to suffer" from a trade-and-currency clash between the United States and China, the world's two biggest economies.

Trump has frequently accused China of cheapening its currency to gain a trade advantage, claims Beijing has consistently rejected.

Tensions have soared recently with Trump's administration rolling out billions of dollars in tariffs against China in a bid to tackle its trade deficit and rein in what Washington considers unacceptable Chinese trade practices.

Concerns that trade friction between Washington and Beijing will depress global trade and generate turmoil in financial markets have been a major theme of global finance meetings this week in Bali. Officials including Bank of Japan Governor Haruhiko Kuroda urged the U.S. and China to re-start talks around trade, while policy makers from emerging markets highlighted threats from Federal Reserve-led interest rate hikes.

Despite reassurances from China's central bank on currency policy, some analysts say yuan weakness will persist, as there is no clear path towards resolving the US-China trade dispute and higher tariff rates loom in January.

On monetary policy, Yi reiterated that the stance is "prudent and neutral".

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