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"Currently, the entire Yangtze basin has entered its main flood season. It's a critical time for flood control and disaster relief," it said.

"Chinese regulators have allowed multiple securities, asset management, insurance and other financial firms from the United States, Europe and Japan to convert existing minority positions in joint ventures with Chinese partners to majority foreign-owned firms and have licensed a number of new wholly foreign-owned financial firms," Lardy noted in an analysis.

"Currently, we are all partners that work hard to push forward the entire autonomous driving industry," he said, adding the US possesses the most advanced expertise and technology knowhow in this field. "We believe a mutually beneficial relationship will be the driving force and eventually help reshape the way people travel."

"Continuing the move toward a more market-based and transparent monetary policy framework is a key element in ensuring an orderly transition to an effective float, which may also require use of foreign exchange reserves to smooth excessive volatility," suggested the IMF, proving that China's foreign exchange reserves are sufficient.

"Consumers in the US and China are unequivocally the losers from trade tensions," the study said.