The Philippine government is poised to award a contract to rebuild the city of Marawi to a Chinese state-owned firm but has emphasised there is no risk of falling prey to a ‘debt trap’.

Philippine inflation rose for a ninth straight month in September, to a near-10-year high, creating a potential stumbling block for the president as voters look to May’s midterm elections.

A potential meeting of US Treasury Secretary Steven Mnuchin and China’s vice-premier, Liu He, will not happen, since Liu will skip the international financial gatherings and a G20 finance ministers and central bank governors’ conference.