China to remove business restrictions on foreign banks, brokers: Report

China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington

International News: China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by premier Li Keqiang on Wednesday said, according to state television.

China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. The country caught traders off-guard with a surprise injection into the financial system via loans to banks, ahead of data on Friday which is expected to show a further slowdown in the domestic economy.

The People’s Bank of China added 200 billion yuan ($28 billion) of one-year cash through the medium-term lending facility. It kept the interest rate steady. The economy has been under pressure amid a prolonged trade dispute with the US and a slowing domestic economy, prompting the central bank to ease monetary policy by lowering corporate borrowing costs and cutting banks’ reserve ratios this year. Data released this week showed that China’s factory deflation deepened and imports and exports fell last month…

‘Don’t be a fool’: Trump in a letter to Erdogan against Syria offensive

White House announced that US Vice President Mike Pence will meet with Turkish President Recep Tayyip Erdogan in Ankara on October 17

US President Donald Trump has written a letter to his Turkish counterpart Recep Tayyip Erdogan threatening him against Syria offensive and asking him ‘not to be a fool’. In the letter, dated October 9, the President had also urged Erdogan ‘not to be a tough guy.’

“History will look upon you favourably if you get this done the right and humane way. It will look upon you forever as the devil if good things don’t happen. Don’t be a tough guy. Don’t be a fool. I will call you later”, the US President had said in his letter.

Threatening to destroy the Turkish economy, the US President added, “Let’s work out a good deal! You don’t want to be responsible for slaughtering thousands of people, and I don’t want to be responsible for destroying the Turkish economy -and I will. I have already given you a little sample with respect to Pastor Brunson.”

Switching from his aggressive tone,Donald Trump also offered him prospects of a favourable deal. “I have worked hard to solve some of your problems. Don’t let the world down. You can make a great deal. General Mazloum is willing to negotiate with you, and he is willing to make concessions that they would never have made in the past….