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Chinese shares witnessed sharp surge on Monday after the week-long holiday due to the Chinese New Year.

Christine Lagarde, the IMF managing director, said the actual impact on global growth from the trade tensions, frictions and threats is not very substantial when measured by GDP, but what’s more important is something that is more difficult to measure in the short term.

Chinese telecom equipment maker ZTE said on Friday that it is firmly opposed to the United States government's decision to impose "unfair and unreasonable penalties" on it and will safeguard its legitimate rights and interests through all available legal means.

Chinese tourists recently became the biggest international shoppers at The Galleria, Houston's premiere upscale indoor mall, and stores are even hiring Mandarin-speaking sales staff to cater to them.

Christian Deseglise, Global Head of Central Banks at HSBC, said the survey confirmed the continued momentum of the renminbi as the 8.5-percent ratio represents a huge increase from the 1.2-percent reading published by the IMF at the end of 2017.