Winter is coming: Indonesia warns of new crisis from trade war

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At the plenary, International Monetary Fund managing director Christine Lagarde estimated that the escalation of current trade tensions could reduce global GDP by nearly 1% over the next two years.

Indonesian President Joko Widodo urged global central bankers and finance ministers on Friday to remain committed to cooperation and to "nudge their leaders in the right direction" to support the world's economy.

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.

Rubbing salt in USA wounds, China reported on Friday an unexpected acceleration in export growth in September and a record $34.13 billion trade surplus with the United States. "In all cases, we examine that closely from all angles of it, including Pakistan's debt position, in evaluating any type of loan programme", State Department spokesperson Heather Nauert told reporters at a news conference Thursday.This is something the United States has been tracking fairly closely. "And there would also be lots of innocent bystanders", including countries that supply commodities and components to China, such as Indonesia.

In a statement released Thursday, the senior American official in Bali, Treasury Secretary Steven Mnuchin, pointed to relatively strong US economic indicators as evidence policies meant to nurture sustained growth are working.

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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.

The G24 statement, issued on the sidelines of the meetings, said all emerging markets were "adversely affected" by excessive capital flow volatility. -China trade talks and expressed his concerns about the yuan's recent weakness.

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.

She said: "Sail together and we will be stronger". Or is it the time for us to collaborate.

The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks. Against a basket of currencies, the yuan has depreciated less.

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"We have supported the move of China towards (currency) flexibility and we want to encourage the authorities to continue on this path going forward", she said.

The yuan currency lost over 8 percent between March and August at the height of market worries, though it has since pared losses as authorities stepped up support measures.

Ms Lagarde said later that she believed Chinese authorities were taking steps to maintain growth, stability and investor confidence amid the trade conflict, but faced a "complicated" balancing act to keep the fiscal situation under control. "So, we will be listening very, very attentively when and if they come to us".

Countries should seek to ensure their levels of debt are manageable and that policies foster growth for all, she said.

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.

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Kim pledged World Bank support for Indonesia in the wake of a series of earthquakes, including financing support for rebuilding schools, hospitals, roads, housing and other critical assets.