U.S. Secretary of State Rex Tillerson has said that diplomatic efforts with North Korea will continue’until the first bomb drops’.
Speaking on CNN’s ‘ State of the Union‘, Tillerson said diplomacy is President Donald Trump’s preferred route to rein in the nuclear ambitions of Kim Jong-un’s rogue nation, despite the President’s recent tweets that Tillerson was wasting his time trying to negotiate with North Korea:
“The President has also made clear to me that he wants this solved diplomatically,” Tillerson said. “He is not seeking to go to war.”
Asked if Trump’s tweets undermined his diplomatic efforts, Tillerson said connections between US and Chinese leaders were close and that the Chinese “are not confused in any way” about US policy toward North Korea.
As for Trump’s tweets themselves, Tillerson said the President made the statements he did to try to “motivate action.”
People’s Bank of China Governor Zhou Xiaochuan, speaking at a seminar hosted by the Group of Thirty in Washington, has called for greater transparency in Chinese public finances, saying their murkiness means investors underestimate the risks of local government debt. Here’s more from the Wall Street Journal :
“This kind of distortion makes the financial sector underestimate the risk of local government fiscal problems,” he said while answering questions following a speech. He said Beijing must pay more attention to fiscal reform.
“Fiscal policy transparency is not good enough,” Mr. Zhou said.
The Indian government has reversed its earlier decision for customers to provide income tax identity numbers for every jewelry purchase above INR50,000. Metals Focus analyst Chirag Sheth told Bloomberg , the policy u-turn has given a boost to gold demand ahead of Diwali, the Hindu Festival of Lights:
“It’s a good thing for the market that there’s a government who is ready to listen,” said Chirag Sheth, a Mumbai-based analyst at the precious metals research firm. “The implementation of the rule was cumbersome for the trade.” Purchases in the two weeks that run up to the Dhanteras festival on Oct. 17, two days before Diwali, usually total 20 to 30 metric tons and they may now be higher because of this latest shot in the arm, he said.
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