Sun, 19 Oct 2025

Sun, 19 Oct 2025 Bankers on edge, a gilded cash room and US blaming China - my week with global finance elite

After five days talking to ministers, bankers and trade negotiators at the IMF, the BBC's Faisal Islam assesses the global outlook.

* The US Treasury is shut down due to a government shutdown, but top officials are still active and meeting with international finance ministers.
* China has increased restrictions on rare earth components, which are critical to high-tech goods production, leading to concerns about Beijing's control over the global economy.
* US officials have accused China of playing hardball and trying to use financial markets to hurt the US.
* The situation is described as "mutually assured destruction" maneuvers, with tariffs and counter-tariffs causing uncertainty and risk of a shock.
* European finance ministers are working with global partners to ensure supply of rare earth materials and developing alternative supply chains.
* There is divergence between public diplomacy words and private statements, with some countries frustrated by the US's liberal use of tariffs.
* Global central banks are investing in gold due to concerns about uncertainty and risk.
* The US Treasury Secretary believes that the country is experiencing a high-tech productivity boom similar to the 1990s.
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