Chinese banks extended 280 billion yuan ($38.87 billion) in new yuan loans in April, below analysts' forecasts and plummeting from March's 3.64 trillion yuan, according to Reuters calculations based on data released by the People's Bank of China.

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets and international supply chains.

China is moving to strengthen its alliances as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American countries at an event in Beijing