Construction and manufacturing were the main drags for China's slower-than-expected third-quarter economic growth, while technology offered some support, supplementary data released yesterday showed. American officials worry they might threaten US industrial leadership. The PBOC is studying measures to ease company's financing difficulties and will also use monetary policy tool to support banks' credit expansion. The Shanghai Composite Index-the worst performer among global benchmarks-has declined 25% so far this year. "That's driving a technical rebound in stocks where investment value starts to emerge as valuations get cheaper and the index breaks through 2,500 points intraday, though it's going to take some time for the market to really bottom out".
China's yuan inched up against the US dollar on Friday but was still set for a weekly loss.
"Frankly, the psychological impact is bigger than the actual impact", he said.
Trump, who often boasts of the U.S. stock market's gains during his presidency, has pointed to China's equity troubles as a sign that Washington was winning the trade conflict.
Washington has hit roughly half of Chinese imports and Beijing has retaliated with its own measures. While fast by global standards, the pace is China's slowest since early 2009, during the depths of the global financial crisis.
The People's Bank of China set the midpoint rate at 6.9387 per dollar, 0.16 percent weaker than the previous day's fix and the lowest level since January 4, 2017. That could limit Beijing's room to maneuver when negotiating with the USA, whose economy is growing robustly.
China's trade war with the United States has escalated in recent months, with both countries slapping tit-for-tat tariffs on each other. He predicts the slowdown will bottom out around the middle of next year.
But in 2018, policymakers have introduced more supportive measures meant to bolster the economy. However, such steps could further exacerbate the country's debt problems.
The U.S. and China put up tariffs since months of each other with the Import.
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"The government is clearly getting concerned about the loss of growth momentum", said Eswar Prasad, a Cornell University economist who consults with Chinese officials.
Cutting interest rates and boosting public spending would allow many companies to borrow money and invest in fixed assets, but make it more hard for the Chinese government to normalize the financial system.
Retail sales, a window into Beijing's aim to get consumers spending to drive the economy, expanded 9.2 per cent for the month compared with past year, from 9.0 per cent in August and ahead of estimates.
Exports, however, were an unexpected bright spot in the third quarter.
Retail sales rose 9.2 per cent in September from a year earlier, bouncing after several months of lackluster growth. That, in effect, is borrowing from future growth.
In response, some of China's top financial and economic officials, including the vice-premier and head of the central bank made a concerted effort Friday to reassure investors and stem the market sell-off. Mr. Hu says export growth will decelerate to between 5% and 10% in the coming months.
US President Donald Trump imposed additional tariffs on United States dollars 250 billion worth of Chinese exports to force Beijing to cut about USD 375 billion bilateral trade deficit.
China immediately took retaliatory action, slapping additional tariffs on $60 billion in USA imports, which means Beijing has so far levied tariffs on more than 80 percent of all goods imported from the United States.