China and the United States have slapped tit-for-tat tariffs over the past few months, rattling financial markets as investors anxious the escalating trade war could knock global trade and investment.
It stated that global debt still increased by more than 50 percent thereafter with China accounting for almost 40 percent of the US dollar value of the increase over the period.
"There has been a lot of noise in the country (after decision to go to IMF) during the last 48 hours as if the heave is going to fall".
But the already tricky transition has been complicated by US President Donald Trump's use of import tariffs to punish China for what he considers predatory trade practices.
Representatives of various rights groups held up placards and chanted "Defend peoples' rights!" and "Stop the attacks!" outside meeting rooms Thursday at a convention center where media and civil society groups are gathered during the annual meeting.
An IMF staff member said she would discuss the issue and bring it to the "highest levels". With record exports to China, the U.S. and Germany all helping grow the overall value of Swiss exports by 4.8 billion Swiss francs (€4.1 billion) since the first quarter of 2017.
The PBOC did not immediately respond to Reuters' request for comment on Yi's remarks.
That would include boosting foreign currency reserves that could be used in a crisis, as well as working with local bond markets to build a local investor base, rather than relying on financing from overseas.
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Lagarde yesterday weighed into the debate, saying that yuan weakness against the US dollar was driven by the greenback's strength as the US Federal Reserve hikes interest rates. "If you compare this same currency, the renminbi, with a basket of currency, there is a bit of depreciation, but certainly not as much".
The Fund said that revenue gains from non-financial public corporations and government financial assets alone could be as high as 3 per cent of GDP a year, equivalent to the annual corporate tax collections across advanced economies.
The yuan has faced strong selling pressure this year, losing over 8 percent between March and August at the height of market worries, although it has since pared losses as authorities stepped up support measures.
"If these tensions were to escalate, the global economy would take a significant hit", Lagarde said in her speech.
"So, it (India's debt) is substantially less than the global debt as percentage of world GDP", Gasper told PTI.
"We will get out of this".
If an assistance package is agreed on, it would be Pakistan's second International Monetary Fund bailout in five years and its 13th since the late 1980s.
Pakistan has been warned not to underestimate the economic risks from its China-funded building projects as the International Monetary Fund's chief economist urged it to carefully examine its relationship with Beijing.