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As the first non-Asian news anchor on Chinese television, Edwin Maher's face is known to millions. Through him, viewers at home and abroad have learned of the profound changes taking place across China.

As trade frictions and their impact on global growth continue to spread internationally via supply chains, Moody's expects Hong Kong to face a prolonged economic slowdown as the city's economy relies heavily on trade for growth.

As well-developed cashless payments systems like Alibaba's Alipay and Tencent's WeChat Pay are widely adopted in every corner of Chinese life, bookings for transportation, hotels and payment at shops can be done on smartphones easily and securely, according to the report.

As the first results of the action plan, China will allow a resumption in imports of US beef, and the United States is to import poultry from China. Most of the agreements are expected to be implemented by July 16.

As usual, Fed Chair Jerome Powell will hold a press conference after the meeting on Wednesday, and is likely to face more questions on the fate of the economy if Washington lawmakers are unable to bridge their impasse and extend jobless benefits that are due to expire by year's end.