China MOFCOM urges US to remove Chinese entities from blacklist

The US added Chinese companies to blacklist yesterday

The timing of the US announcement has contributed to the negative tone in markets today. They warned about retaliation earlier today in a press conference.

The statement also urged the US to stop making irresponsible remarks on the Xinjiang issue and to stop interfering in China’s internal affairs.

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U.S. diplomat urges transparent land reform in South Africa

© Reuters. U.S. Deputy Secretary of State John J. Sullivan attends the U.S.-Brazil Security Forum, at the Itamaraty Palace in Brasilia © Reuters. U.S. Deputy Secretary of State John J. Sullivan attends the U.S.-Brazil Security Forum, at the Itamaraty Palace in Brasilia

JOHANNESBURG (Reuters) – U.S. Deputy Secretary of State John Sullivan said on Friday that South Africa should be transparent about land reform so as not to hurt the economy, adding that the issue had not been covered in the United States with the "necessary perspective".

U.S President Donald Trump waded into South Africa’s high-octane land debate last year by sending a late-night tweet in which he said he had asked his secretary of state to study "land and farm seizures" in South Africa.

Those comments weakened the rand and enraged South African officials.

At the time of Trump’s tweet the government had not seized land from farmers, despite its intention to speed up redistribution of the country’s land to the black majority, who still only own a fraction of the land more than two decades after the end of white minority rule in 1994.

But investors have been jittery since Trump’s comments, in case the United States follows up with punitive measures.

Sullivan, who was speaking to journalists in Johannesburg after talks with South African officials, said he was mainly in "listening mode" as he sought to understand the complexities of the country’s land reform program.

"My message on behalf of the U.S. is in addressing this complex issue (land reform), that it be done in a transparent way so that both the agriculture sector and the economy generally aren’t significantly adversely affected," he added.

"I don’t think it has translated well across the ocean and been covered with the depth and perspective that is necessary."

Sullivan said the United States expected that South Africa would extradite Mozambique’s former finance minister Manuel Chang to the United States over his alleged role in a $ 2 billion fraud.

He added that Washington was "very enthusiastic" about the new Zimbabwean government, but wanted to see more action on reform.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Iran Supreme Leader urges currency boost: central bank

© Reuters. A customer buys Iranian gold coins at a currency exchange office in Tehran © Reuters. A customer buys Iranian gold coins at a currency exchange office in Tehran

DUBAI (Reuters) – Iran’s Supreme Leader Ayatollah Ali Khamenei has "ordered" the central bank to boost the value of rial, the bank’s governor said on Saturday, after a months-long plunge in the currency due to a faltering economy and U.S. sanctions.

The state news agency IRNA quoted governor Abdolnaser Hemmati as saying Ayatollah Khamenei "ordered the bank at a recent meeting to increasingly strengthen the national currency and called for the observance of the independence of the central bank".

"The central bank and the banking system will use all of its managerial power and expertise to fulfil the Leader’s goals," Hemmati said.

He did not say which policies he would follow to support the rial, which has lost about 65 percent of its value in 2018. The rial’s plunge had reached about 75 percent in the past few months, but it has recovered some of its value in recent weeks.

The currency has been volatile for months because of a weak economy, financial difficulties at local banks and heavy demand for dollars among ordinary Iranians to protect their savings as the United States withdrew from a landmark 2015 nuclear accord and piled pressure on Iran by reimposing sanctions.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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