Huawei's Meng faces charges over alleged conspiracy to defraud banks

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If extradited, Meng would face charges of conspiracy to defraud multiple financial institutions, the court heard, with a maximum sentence of 30 years for each charge.

A Canadian government lawyer has asked the court to deny her bail request. -China relations and worrying global financial markets.

A senior executive of Chinese tech giant Huawei is facing allegations of fraud by using a subsidiary to violate us trade sanctions against Iran in a case that shook world stock markets this week. Huawei has said "the company has been provided with little information regarding the charges and it's not aware of any wrongdoing by Ms. Meng".

"I think it will have a distinctively negative effect on the U.S". Very hard to save face on this one.

Canadian prosecutor John Gibb-Carsley said in a court hearing Friday that a warrant had been issued for Meng's arrest in New York Aug. 22.

The arrest of one of China's leading tech executives by Canadian police for extradition to the United States has unleashed a combustible torrent of outrage and alarm among affluent and influential Chinese, posing a delicate political test for President Xi Jinping and his grip on the loyalty of the nation's elite.

Meng was detained on December 1 in Canada for allegedly selling US-made components to Iran and violating sanctions against the West Asian country.

Unlike a new round of tariffs or more tough rhetoric from US officials, the detention of Meng, the company's chief financial officer, appears to have driven home the intensifying rivalry between the United States and China in a visceral way for the Chinese establishment - and may force Xi to adopt a tougher stance against Washington, analysts said.

The prosecutor opposed bail, arguing that Meng was a high flight risk with few ties to Vancouver and that her family's wealth would mean than even a multi-million-dollar surety would not weigh heavily should she breach conditions.

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Japan is planning to halt government purchases of equipment from China's two largest telecommunications firms, Huawei and ZTE, amid security concerns, Yomiuri Shimbun reported Friday.

According to court documents, the US Department of Justice said there were no conditions that would make sure she would return to court.

Meng's arrest coincided with the signing of the truce agreement by Trump and Xi.

If she is released on bail, she would likely have to surrender her passport and submit to electronic monitoring until she is discharged or surrendered for trial to the United States.

The delay was meant to buy time for the two countries to resolve a trade conflict that has been raging for months.

It comes as heightened economic tensions between the USA and China seemed to be cooling - at least a little. "By feigning to be annoyed by Trump, they are just pretending they are still fighting Trump, to save face in China". Beijing has lashed back with tariffs on about $110 billion in American exports.

"We need to have our own China policy driven by our own national interest, and unfortunately we have got ourselves caught in a situation where our China policy is being much fashioned by some hardliners in Washington", Mr. Manley told CTV Question Period in an interview to be aired on Sunday.

Fears of renewed US-China trade hostilities have rattled global financial markets. The Nasdaq Composite fell 2.4 percent, with the Dow Jones Industrial Average falling 2.1 percent and the S&P 500 index down 1.9 percent in afternoon trade.