Turkish lira rebounds after Qatar pledges $15 billion

Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will meet US representatives, China's Ministry of Commerce said in a statement, with the Wall Street Journal reporting that talks will take place in Washington on August 21 and 22.

Investors said Albayrak's conference call would test whether Turkey can persuade markets that its monetary policy is not hostage to political influence. Instead, Brunson was placed under house arrest.

"You now have another huge selloff in EM, which has been exacerbated by Trump's willingness to jam on more and more sanctions when countries are having trouble in the market - like adding to the sanctions on Turkey", Haidar said.

"We have more that we are planning to do if they don't release him quickly".

The Turkish lira stood at 5.80 per dollar on Friday, up about 0.4 percent against the dollar.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

Turkey has increased tariffs on several USA -origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.

Erdogan also renewed a call for Turks to convert their dollars into the Turkish lira, to help strengthen the currency.

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On August 1 relations between Ankara and Washington nosedived when the U.S. imposed sanctions on two Turkish Cabinet ministers after Turkey refused to release pastor Andrew Brunson who faces terrorism-related charges in Turkey.

A top Turkish official says Turkey, France and Germany "are on the same page" concerning their opposition to USA sanctions and tariffs restricting trade. Tuesday, Turkish President Recep Tayyip Erdogan called for a boycott of USA electronics.

The lira plunged as much as 18% at one point on Friday - the biggest one-day drop since Turkey's 2001 financial crisis - as US President Donald Trump announced he had doubled steel and aluminium tariffs.

Global investors have been anxious by Turkey's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Washington wants the evangelical Christian freed but Turkish officials say the case is a matter for the courts. Qatar has been downplaying its public support for Turkey - now at loggerheads with Washington - as it attempts to manage its relationship with the United States.

The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish president Recep Tayyip Erdogan in Ankara.

The national currency recovered somewhat from record lows hit earlier this week, a day after Qatar pledged 15 billion dollars (£11 billion) in investments to help Turkey's economy.

JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting forex swaps and cancelling repo auctions to push up the weighted average cost of funding. Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday.

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