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Ross spoke at a reception held by the China General Chamber of Commerce-USA to coincide with the SelectUSA Investment Summit, as a Chinese diplomat said Chinese firms are seeing a souring environment for investing in the US.

Riding the dynamism shown by emerging industries, and highlighting its own progress toward becoming an international financial center, Shanghai has won the hearts of Hong Kong's younger generation.

Ronald Wen, a Hong Kong-based senior banker, said the alleged currency manipulation is a new weapon used by the US in the trade friction with China, sending a signal that the US-waged trade war is being expanded to more fields, including forex and financial markets.

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Rhee cited software issues, such as in public finance management, as areas where the IMF can contribute.

Rising borrowing costs are putting pressure on banks, including large commercial banks, although the central bank injected some liquidity to ease pressure in April.

Robson Luiz de Mendonca, 46, knows firsthand how life in a favela can consume loved ones. His son, 24, died in January of pulmonary problems after a crack addiction for many years.

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Revenue from its core food delivery business increased by 39.4 percent year-on-year to 15.6 billion yuan in the same quarter, and the in-store, hotel, and travel business contributed a revenue of 6.2 billion yuan, a rise of 39.3 percent compared with the same period of 2018.

Reuters-AP-AFP-Xinhua

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Robert Aspell, president of Cargill Investments (China), a branch of US agricultural conglomerate Cargill Inc, said his company is glad to see positive movement in China-US trade relations in recent months, and hopes to see further progress from Trump's China visit that will strengthen bilateral economic ties and facilitate open and inclusive global trading policies that benefit both countries.

Right now, Tan said cross currency trades are subject to the movements of the US dollars. "With the direct exchange between PHP and RMB, we will be able to eliminate some of those volatilities and the cost of having to do cross-country trade," Tan added.