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Domestic financial markets are to reopen on Monday, and Li said CSRC has analyzed and forecasted potential market trends and made reaction plans accordingly.

Discussions are in the early stages and any potential takeover would be months down the line, according to Sky News, which first reported the developments.

Details of the trial had been suppressed because until Tuesday, Pell had faced a second trial in April on charges that he indecently assaulted two boys aged 9 or 10 and 11 or 12 as a young priest in the late 1970s in a public pool in his hometown of Ballarat.

Despite the tough talk, the deal doesn’t need approval from the New York City Council to go through. The state’s Public Authorities Control Board does have the authority to block the project but the governor’s office has indicated that it may go around the board.

Diageo, the world's largest producer of spirits and a key producer of beer, has appointed beer giant AB InBev to become the exclusive distributor in the Chinese mainland of Guinness, Diageo's black beer, eyeing fast expansion of sales in the market.