May 23, 2018 / 2:35 AM / 7 months ago

China's ZTE estimates at least $3.1 bln loss from U.S. sanctions -Bloomberg

BEIJING, May 23 (Reuters) - China's ZTE Corp is estimating losses of at least 20 billion yuan ($3.1 billion) due to Washington's ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources.

The report also said ZTE is hopeful that the United States and China will be able to soon reach a deal that would remove the ban and has a plan in place allowing the telecoms firm to "swing idled factories into action within hours" of the ban being officially lifted.

$1 = 6.3743 Chinese yuan renminbi Reporting by Se Young Lee; Editing by Edwina Gibbs

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