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The Asian session has made some progress on Wall Street, despite escalating trade tensions between the United States and China earlier this week.
Beijing has announced that tariffs for more than 5,000 US products – worth about $ 60 billion – will come into effect on September 24. The Trump administration announced that the United States would impose tariffs of $ 200 billion on 10 percent. at 25% at the end of the year.
Prime Minister Li Keqiang addressed the Tianjin World Economic Forum on Wednesday, where he acknowledged that China faces many challenges and faces "greater difficulties in maintaining a stable performance of the Chinese economy. ". But he insisted that China was comfortable with its economic situation and that Beijing had prepared sufficient political tools to strengthen the country's resilience to various challenges.
Li also said China would not resort to the competitive devaluation of the yuan in the course of trade. Although he did not directly mention the trade dispute, the prime minister said that the fact that Beijing deliberately weakened its currency was "unfounded".
Analysts said Li's comments have heightened investor sentiment.
On the same day, Jack Ma, founder and chairman of Chinese retail giant Alibaba, said his company no longer intended to bring 1 million jobs to the US, given the trade war between Beijing and Washington.
"The promise was made on the basis of a friendly partnership between China and the United States and rational trade relations," Ma said on Xinhua's Chinese news website. "This premise no longer exists today, so our promise can not be fulfilled."
In the currency market, the US dollar index, which follows the greenback against a basket of currencies, traded at 94.376 at 15:54. HK / SIN, down from the previous peak of 94,563.
The Japanese yen traded at 112.18 against the dollar, while the Australian dollar was at 0.7273 dollar.
Oil prices rose late in the afternoon in Asia, with US crude adding 0.77% to 71.67 dollars a barrel at 3:56. HK / SIN. The global benchmark Brent was up 0.37% to 79.69 dollars.
– Evelyn Cheng and CNBC Reuters contributed to this report.
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