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Many markets, however, pared early steep losses as analysts suggested that Trump was playing a game of brinkmanship and would ultimately save ongoing trade talks. "The period of historic calm across global financial markets is staring at the prospect of a rude awakening," said Han Tan, market analyst at FXTM. "Risk-off sentiment has been the response to this swerve from Trump."
News that the People's Bank of China would slash the amount of cash lenders must keep in reserve, to support small businesses, had little impact in the face of Trump's warning.
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