Turkish high court rejects appeal for USA pastor Brunson's release

President Donald Trump with Turkish President Recep Tayyip Erdogan in the Roosevelt Room of the White House Tuesday

Trump later said in a tweet the United States "will pay nothing" for Brunson's release, "but we are cutting back on Turkey!".

U.S. Treasury Secretary Steven Mnuchin told Trump at a cabinet meeting on Thursday that sanctions were ready to be put in place if Brunson were not freed.

Tensions between Turkey and the U.S. have been on the rise as Trump has pressed for the release of the pastor.

On Friday, the Turkish lira snapped a three-day rebound, sliding more than 5 percent against the dollar on worries about the threat of more US economic sanctions unless Turkey hands over detained American evangelical pastor Andrew Brunson.

The dollar fell against a basket of peers on Friday, retreating from a 13-month high hit earlier this week, on lower demand for the safe-haven greenback and some profit-taking, as worries about trade tensions between Washington and Beijing eased.

The fate of Andrew Brunson, charged with terror offences by a Turkish court, also overshadows the predicament of a Turkish-American scientist from NASA and several Turkish workers for the USA diplomatic mission who were arrested in Turkey.

The currency's fall has also sparked fears of an economic crisis in Turkey that could spread globally. He later tweeted that the clergyman, who has been detained since 2016 when he was arrested in a government crackdown following a failed coup bid, was a "great patriot" being held "hostage".

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Inflation in the state is at a 14-year high in Turkey, at close to 16%, but the country's central bank - which is under the control of Erdogan - refuses to raise interest rates, a simple mechanism for bringing down rampant inflation.

Companies that for years have borrowed overseas at low interest rates have seen their cost of servicing foreign debt rise by a quarter in lira terms in two months.

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

Turkish markets will be closed from midday on Monday for the rest of the week for Eid Al Adha. When asked about the investment by reporters, Lu Yi said that China has always attached importance to the economic, trade and financial ties it has with Turkey. Turkey is dependent on imports, priced in hard currency, for nearly all of its energy needs.

Its proximity to conflict-ridden states and involvement in North Atlantic Treaty Organisation poses a serious concern of possible worldwide effects of a potential economic collapse. It estimates Turkey's short-term external debt at $180 billion and total external debt at $460 billion - the highest in emerging markets.

But the country's finance minister said Turkish banks are healthy and can withstand the dispute with Washington.

The Shanghai composite index rose 0.16 percent in early Friday trade after ending down 0.66 percent at 2,705.19 on Thursday, just 0.03 point above a 2-1/2 year closing low set on August 6.

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