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et forces, and China has never taken any measures to deliberately devalue the currency to make its exports more at
tractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.
According to Guo, the short-term fluctuation of the RMB exchan
ge rate was normal, and the depreciation will not last long given the stable economic growth base.
“Any speculative activities to short the RMB will suffer huge losses,” he warned.
The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized arou
nd 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased
direct intervention in foreign exchange markets, and the performance of RMB is address
l kindergarten had used to ask children whether they were involved in gangs went viral on the internet. The local educa
tional bureau said that the research was meant to stop bullies in kindergartens instead of finding gangster members.
A number of regions in China, including Qiannan Buyi and Miao autonomous prefecture in Guizhou, Guangzhou city in Gu
angdong, and the cities of Chizhou and Anqing in Anhui, have decided to reschedule their dragon boat races so as to pr
ovide a quiet environment for gaokaotakers, news portal thepaper.cn reported.
Some places, such as the city of Yueqing in Zhejiang, have banned holding such activities during the gaokao, said the report.
The gaokao, or the national college entrance exam, will take place
on June 7 and 8 this year, coinciding with the Duanwu Festival (aka Dragon Boat F
estival) holiday, when traditionally dragon boat races are held in celebration of the festival.
ocuments including a guideline on innovation and improving macro-regulation
, as well as a guideline on strengthening opening-up and cooperation in innovation capacity.
The meeting called for taking the supply-side structural reform as the main task, making coordinated efforts to stabilize economic
growth, promoting reforms, readjusting the economic structure, improving people’s livelihoods, pr
eventing risks, and ensuring social stability, according to a statement issued after the meeting.
The strategic guiding role of national development planning should be leveraged to improve coordination mec
hanisms for economic policies such as finance, currency, employment, industry, and regional development to en
sure the nation’s economic development stays within a reasonable range, the statement said.
of stock index futures. At present, onshore stock index futures are unavailable to overseas invest
ors, and they can only hedge risks associated with investing in A shares through offshore instruments.
“After the stock index futures market opens up, investor bases will dive
rsify, helping China’s capital market achieve a higher efficiency in asset pricing,” Wang sai
d, adding that capital market reform and opening-up is part of China’s moves to promote quality development.
“One of the key priorities this year is to accelerate the development o
f direct financing and the capital market, to strengthen the capital market’s capacity to pr
omote economic growth,” Guo Shuqing, the People’s Bank of China’s Party secretary and head of the China Ban
king and Insurance Regulatory Commission, said in an interview with China Central Television on Monday.
ch means even if Beijing does not take countermeasures equal in scale to Washington’s, the US economy will not be left unscathed.
Tariff hike will harm both China and US
The list of products subject to US tariff hike covers daily necessities, light industry and machinery, with the main targets
being agricultural and food products, and general manufacturing goods produced by light industries.
In terms of agricultural and food products, China is the third-largest supplier to the US, with processed fruits and
vegetables; fruit and vegetable juice; fast food and snacks; fresh vegetables and tea leaves being the main items.
big data industry and is willing to share opportunities of the digital economy’s development with other countries and jointly explore new
growth drivers and development paths by exploring new technologies, new business forms and new models, Xi added.
With increasingly wider applications of digital technologies in China, the country is expected to generate
and store 27.8 percent of global online data by 2025, up from 23.4 percent last year, according to a r
eport by market researcher International Data Corp and data storage firm Seagate.
In comparison, the US share will stand at 17.5 percent by 2025, a drop from its 21 percent share in 2018, the report added.
United Nations Secretary-General Antonio Guterres said th
at from medicine to transportation to farming, big data presents the world with a re
markable tool to advance global progress, but with that opportunity also comes risk.