IMF World Bank meetings a success, say organisers

Share

"Lately it feels like the relations among the major economies are becoming more and more like "Game of Thrones"," Widodo said in a speech peppered with references to the HBO series about dynasties and kingdoms battling for power.

"I think the downside risks from trade tensions are significant", he said.

The market ructions have now cascaded through to developed markets with Wall Street extending a slide into a sixth session on Thursday amid the trade war fears.

Beijing and Washington have slapped tit-for-tat tariffs on each other 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.

He urged the International Monetary Fund to identify countries that use economic, foreign exchange, and trade policies to "contribute to unfair competitive advantages".

A Chinese foreign ministry spokesman, Lu Kang, offered no specifics about a potential Xi-Trump meeting, saying only that China had noted the reports and maintains "communication on dialogues and exchanges at all levels" with the U.S. -China trade talks and expressed his concerns about the yuan's recent weakness. She said, "When we sail together, we are stronger, nimbler, better able to steer the ship through rough waters and avoid the rocks of shipwreck".

The U.S. Treasury chief and People's Bank of China Governor Yi Gang extensively discussed currency issues on the sidelines of the meetings in Bali.

More news: Children’s Mercy Hospital treating patients with rare polio-like illness
More news: Ariana Grande and Pete Davison split
More news: Indonesia says death toll in Sulawesi quake rises past 2000

China's current account could also turn positive this year with "a bit" of a surplus, but it would still account for less than 1 percent of gross domestic product, he said.

"There have to be meaningful commitments to create a rebalanced trading relationship", he said.

Meanwhile, the chairman of a meeting of finance leaders from the Group of 20 leading industrialised and emerging economies admitted that the trade tensions within the group could only be solved by the countries directly involved.

Indonesia will pass its position as host to Morocco, which is set to hold the meetings of the 189-member International Monetary Fund and its sister development organisation World Bank in 2021.

But "confrontation and collision impose a tragic price not only on those who are defeated but also on the winners".

Friday's IMF-World Bank meeting began with a moment of silence for victims of recent disasters, including a September 28 quake and tsunami that killed more than 2,000 people on another Indonesian island, Sulawesi, and left perhaps thousands buried in mud.

The managing director of the International Monetary Fund, Christine Lagarde, has said she still intends to attend an investment conference in Saudi Arabia later this month despite concerns over the disappearance of journalist and US resident Jamal Khashoggi.

Share