The currency’s depreciation was purely caused by mark

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

sh419hh.com

On Tuesday, a picture showing a questionnaire that a local

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.

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The US Treasury removed India from the watch list, whil

Chinese authorities have not used the exchange rate in prior easing cycles to support growth, and they are unlikely to do so now, as this could pose mac

roeconomic stability risk,” said Andrew Fennell, lead sovereign analyst for China at Fitch Ratings.

The world’s second-largest economy maintained its foreign exchange

reserves at $3.095 trillion at the end of April. The reserve amount was stable, although it sli

ghtly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.

Li Yang, director of the National Institution for Finance and Development of th

e Chinese Academy of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to def

end its currency, even if depreciation pressure rises amid any escalation in trade tension.

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The meeting reviewed and approved a series of official doc

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.

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In April, the CSRC pledged to promote the opening-up

 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.

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“It looks like it’s going to be a big win for the Brexit

Party,” Farage told reporters in Southampton in southern E

ngland where vote tallies from across the southeast region were being collated.

“The intelligence I get is that the Brexit party is doing pretty well,” sa

id Farage, who headed one of the two Brexit campaigns in the 2016 referendum.

While May was forced to delay Brexit after agreeing a deal that the British parliament and much of her party reject

ed, the Labour Party has voiced both support for another referendum and a promise to honour the result of the 2016 vote.

The impact of such a severe election drubbing for the major parties is

unclear though potential successors to May are calling for a more decisive Brexit, while L

abour leader Jeremy Corbyn is under pressure to openly support another referendum.

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Li Daokui, director of the Academic Center for Chine

se Economic Practice and Thinking at Tsinghua University, said China “should be more confident” in accelerating open

ing-up of its financial sector, which will help global investors seize numerous opportunities in the Chinese market.

Domestic financial institutions are now capable of engaging i

n fiercer competition with global peers as their service abilities in many aspe

cts, such as banking and insurance, have improved a lot over the past years, Li said.

Despite headwinds from the trade tensions, global investors are still optimistic about China’s economic pro

spects, said Zhang Zhiwei, Deutsche Bank’s chief China economist and head of China equity strategy.

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hich means even if Beijing does not take countermeasures

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.

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Trade row must prompt China to explore other markets

Since the Sino-US trade dispute is likely to continue, China should prepare for a long haul. For instance, it should take the opportunity to further diversify its m

arket. What’s reassuring is that in the first quarter, China’s trade with Belt and Road countries grew 7.8 percent, 4.1 pe

rcentage points more than the overall trade growth, and its ratio in total trade increased by 1.1 percentage points.

The US has not only caused damage to the Chinese and wor

ld economies, but also inflicted pain upon itself by imposing higher tariffs of Chinese goods.

More importantly, by deviating from the consensus reached by the

international community and reneging on the promises it made to the world, the US has pushed the t

wo countries from a state of balanced cooperation into a state of prisoner’s dilemma.

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China attaches great importance to the development of the

 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.

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