U.S. calls on International Monetary Fund to do more to address unfair trade practices

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As such borrowers, worldwide financial institutions, and other public and private creditors must collectively address these risks before they develop into full blown crises, Mnuchin said in his address to the Development Committee of the World Bank. He said the United States welcomes the IMF's new initiative, the External Sector Report, which is the Fund's assessment of global currency valuations and FX rate correlations.

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.

In a session with reporters, Mnuchin refused to say how close the United States was to resolving the various trade disputes but did indicate progress was being made in the talks. "We call on International Monetary Fund and World Bank management to develop a joint "action plan" on debt transparency and sustainability to guide future work, ensure strong coordination between institutions, and boost visibility around these efforts", Mnuchin said.

"We call upon the International Monetary Fund to develop credible policy advice for re-balancing of the global economy while drawing attention to the adverse implications of policy spillovers on other countries", Patel said. "Finance ministers (from around the world) are gathering together".

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"The trade dispute is not between China and the USA people, but between China and Trump's protectionist-minded administration".

Mnuchin held a string of meetings over the past three days with financial officials from China, Japan and Europe over the punitive tariffs the administration has unveiled in an effort to fulfill President Donald Trump's campaign promise to reduce America's huge trade deficits.

China retaliated with tariffs of its own on US imports, particularly from the agriculture and metal industries.

Secretary Mnuchin indicated he is now involved in a "dialogue" with the Chinese government to resolve the trade dispute.

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

"It's a separate issue", the official said on condition of anonymity.

While she acknowledged "the actual impact on growth is not very substantial when you measure in terms of GDP", she said the dispute could erode business confidence very quickly because of the uncertainty, which would make businesses "reluctant to invest".

"China will vigorously push forward the reform and opening-up of the financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports", Yi said in a statement Saturday.

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While the meeting with Mr Yi did not focus on trade with China, Mr Mnuchin said he remains "cautiously optimistic" about the issue. 'The Chinese side has received information that the US side hopes to come to Beijing to discuss economic and trade issues.