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Supported by the la乐动体育,乐动体育登录乌托邦ulation of forex rese

erves, the country has seen stable and fast economic growth in the past four decades, with lowe

r inflation. Thanks to the reserves, China can also benefit from a favorable international trade and fina乐动体育,乐动体育登录乌托邦

ncial environment in the long term, Chen Yuan, a former deputy governor of the central bank and former vice-ch

irman of the Chinese People’s Political Consultative Conference, said at a forum on Aug 10.

乐动体育,乐动体育登录乌托邦品茶微信”Previously, we identified the foreign exchange reserves as an important milestone for ec

onomic development and society’s core wealth. Now, we have to reposition the foreign exchange market,” he added.

According to Chen, faced with new challenges, including foreign exchange rate issues raised by the United States rec乐动体育,乐动体育登录乌托邦

ently, the priority is to keep these reserves safe, and strengthen the renminbi’s position globally.

Chen sees potential in foreign exchange rate risks, as the majority of China-reserved foreign assets are in US dollars.

Currency composition乐动体育,乐动体育登录乌托邦品茶微信

Late last month, the State Administration of Foreign Exchange, or SAFE, C

hina’s forex regulator, said the country’s foreign exchange reserves held in US dollars

乐动体育,乐动体育登录乌托邦accounted for 58 percent of the total by the end of 2014, down from 79 percent in 1995.

Among global foreign exchange reserves, assets held in US dollars comprised 65 percent of

the total by 2014, up from 59 percent in 1995, according to SAFE’s annual report last year.乐动体育,乐动体育登录乌托邦

For the first time, SAFE made public the currency composition of the

forex reserves, after first reporting data to the Currency Composition of Foreign

乐动体育,乐动体育登录乌托邦Exchange Reserves, or COFER, an International Monetary Fund database, in 2015.

According to COFER, which keeps quarterly data on the currency composition of official乐动体育,乐动体育登录乌托邦品茶微信

foreign exchange reserves, the world’s forex reserves reached $11.59 trillion in the fir

st quarter of this year. Some 58.14 percent of the total was in US dollars, compared with 1.8 percent in renminbi.

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The MTR Corporation 乐动体育,乐动体育登录乌托邦 the stations along

?the protest route one hour before the protest started at 1 pm to avoid being inflicted again, a

fter the rail operator was criticized for offering free and exclusive ride home for the protesters.乐动体育,乐动体育登录乌托邦品茶微信

In calling for understanding from the passengers, MTR operations director Adi Lau

乐动体育,乐动体育登录乌托邦Tin-shing said in an open letter on Saturday that the decision to shut down part of

the Kwun Tong line prior to the protest was made after careful considerations of recent situations.

The MTR Corporation decided to suspend railway services on the active section and close some s乐动体育,乐动体育登录乌托邦品茶微信

tations in consideration of the safety of colleagues, passengers, and railway facilities, said Lau.

Recently, some radicals sabotaged CCTV cameras in MTR stations, interfer

乐动体育,乐动体育登录乌托邦ed with gate access, and even damaged station facilities and sprayed graffiti. They also t

hreatened the personal safety of those who tried to dissuade them. These inciden

ts have caused many frontline colleagues to feel that their personal safety was at risk, said Lau.乐动体育,乐动体育登录乌托邦

Lau hoped that the public of Hong Kong can step forward to raise thei

乐动体育,乐动体育登录乌托邦品茶微信r voice against vandalism and safety threats targeting the MTR stations. In the past few wee

ks, the MTR has tried many different ways to maintain a safe and orderly rail operation and the company welc

omes any suggestions to better cope with the current situation, Lau said.French President Emmanuel Mac乐动体育,乐动体育登录乌托邦

ron, US President Donald Trump, Japan’s Prime Minister Shinzo Abe, Britain’s Prime Minister Boris Johnson, Ge

rman Chancellor Angela Merkel , Canada’s Prime Minister Justin Trudeau, Italy’s acting Prime Minister Giuseppe Co乐动体育,乐动体育登录乌托邦

nte and European Council President Donald Tusk attend a G7 working session on “International Economy and Trade,

and International Security Agenda” during the G7 summit in Biarritz, France, Aug乐动体育,乐动体育登录乌托邦品茶微信

BIARRITZ, France – French President Emmanuel Macron and US President Donald Trump said on Sunday that the mem

bers of the Group of Seven (G7) will each act on its own over the thorny issue of the Iranian nuclear deal.乐动体育,乐动体育登录乌托邦

“There is no formal mandate at G7. We will continue to act, each in his own role,” Macron told reporters at the G7 su

mmit. “G7 is an informal club. We do not give formal mandate to this one or that one.”乐动体育,乐动体育登录乌托邦品茶微信

Earlier in the day, Macron told French television LCI, “we agreed on what we wanted to say jointly on Iran”. “Everyone wan

ts to avoid a conflict, US President Donald Trump was extremely clear on that point,” he said.

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Major cities like She 乐动体育,乐动体育登录乌托邦ngzhou and Hang

gzhou have registered substantial increases in the resident popul

ation. Core cities in the central and western parts of the country, such as Xi’an, Chen?乐动体育,乐动体育登录乌托邦

gdu and Changsha, have been on the rise in attracting people, while the population gro

?乐动体育,乐动体育登录乌托邦女神会所wth in eastern cities such as Beijing, Shanghai, Tianjin, Suzhou and Wuxi has slowed down.

People go with industries, the report said, and first- and second

-tier cities have a more stable foundation and greater potential in their industries. Thes?乐动体育,乐动体育登录乌托邦

e cities create 46.5 percent of the country’s GDP with 25.5 percent of the population.

?乐动体育,乐动体育登录乌托邦First- and second-tier cities surpass others in terms of the number of listed companies, invention patents granted, tr

affic and location, public resources (including quality education, medical resourc

es and urban rail transit) and absolute purchasing power. However, these cities need to do more when it c?乐动体育,乐动体育登录乌托邦女神会所

omes to the ratio of housing price to income as well as housing supply, the report said.

A law on promoting employment should be amended to better cater to new types of jo?乐动体育,乐动体育登录乌托邦

bs and solve new job-related problems, such as the disorderly startup market cau

sed by people returning to their rural hometowns from big cities, legislators said on Friday.

?乐动体育,乐动体育登录乌托邦”The current Chinese Employment Promotion Law has not caug

ht up with the fast developments of our job market. Some content needs to be further upd

ated and some demands need to be urgently regulated, especially how people create businesses after they come back to their rur?乐动体育,乐动体育登录乌托邦女神会所

al homes,” said Zhang Chunxian, vice-chairman of the Standing Committee of the National People’s Congress.

He made the remarks at the bimonthly session of the Standing Committ?乐动体育,乐动体育登录乌托邦

ee of the National People’s Congress, the country’s top legislative body, on Friday.

From May to June, 11 members of the NPC Standing Committee, inclu?乐动体育,乐动体育登录乌托邦

ding Zhang, and 12 NPC deputies were divided into three teams to inspect the Inner Mo

ngolia autonomous region and five provinces, including Yu女神会所nnan, Shandong and Jiangxi.?乐动体育,乐动体育登录乌托邦

“We found more people have started up businesses after returning to t

heir hometowns from metropolises due to the booming of modern agriculture and rural to

urism, even though the number of migrant workers also grew steadily,” Zhang said.

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Shanghai’s STAR M 乐动体育,乐动体育登录乌托邦eady path sign fteady

A sign for STAR Market, China’s new Nasdaq-style tech board, is see

?乐动体育,乐动体育登录乌托邦女神会所n after the listing ceremony of the first batch of companies at Shanghai Stock Exchang

Prices of stocks on new tech-focused board likely to diverge, say experts?乐动体育,乐动体育登录乌托邦

Stocks on Shanghai’s STAR Market extended their gains on Thursday, and analysts

?乐动体育,乐动体育登录乌托邦said prices of stocks on the new tech-focused board may diverge with lower volatility in the near future.

The whole A-share market may be on an up

ward trend in the third quarter, they added, given fading concerns that the new

board may str?乐动体育,乐动体育登录乌托邦女神会所ain the liquidity of other submarkets and the expected bottoming out of economic growth.

After a spectacular average gain of 140 percent on Monday and a retreat on Tuesday, t

?乐动体育,乐动体育登录乌托邦he first 25 stocks on the STAR Market posted consecutive gains broadly in the following two trading days.

On Thursday, stocks on the STAR Market ended up by 5.5 percent on a?乐动体育,乐动体育登录乌托邦

verage, versus 11 percent on Wednesday, with 23 of them registering gains and three of th

em rising by more than 10 percent, according to financial information provider Wind Info.

The value of shares that changed hands on the new board was around 29 billion yu?乐动体育,乐动体育登录乌托邦

an ($4.2 billion) on Thursday, down from the more than 48 billion yuan on Monday.

“Trading of the STAR Market has been relatively rational, without signs of notable excessive speculation,” said W

?乐动体育,乐动体育登录乌托邦女神会所ang Maobin, investment department chair at the University of International Business and Economics in Beijing.

Behind the stable debut of the new market are innovations in fundamental market

rules, including enabling investors to short-sell stocks from their first trading day and the 10-minute halt of tra?乐动体育,乐动体育登录乌托邦女神会所

ding when intraday gains or losses hit 30 percent and 60 percent, according to Wang

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乐动体育,乐动体育登录乌托邦

The US must handle Taiw乐动体育,乐动体育登录乌托邦sues correctly and

?not repeat its mistakes or even “play with fire” over the is

sues, Wang said, warning it against attempts to create new trouble for Sino-US ties.乐动体育,乐动体育登录乌托邦品茶微信

Ma Xiaoguang, spokesman for the State Council Taiwan Affairs Office, sa

乐动体育,乐动体育登录乌托邦id the transit is an attempt by Tsai and the Democratic Progressive Party to use fore

ign forces to challenge the one-China principle and disrupt cross-Straits peace and stability for political purposes.乐动体育,乐动体育登录乌托邦品茶微信

No forces should underestimate China’s determination and ability to s

afeguard its national sovereignty and territorial integrity, Ma said in a news release.

乐动体育,乐动体育登录乌托邦The Democratic Progressive Party has ignored the safety and wellbeing of

the people of Taiwan and has misjudged the situation by courting foreign support and s

erving as a pawn for foreign intervention in China’s domestic affairs, Ma said.乐动体育,乐动体育登录乌托邦

China has sufficient policy tools and new measures to further optimize its fo

乐动体育,乐动体育登录乌托邦品茶微信reign trade structure and deepen ties with new markets, especially those involved in the Be

lt and Road Initiative, in the second half of the year, a senior customs official said on Friday.

“We face a series of challenges in achieving stable foreign trade growth,” said Li K乐动体育,乐动体育登录乌托邦

uiwen, spokesman for the General Administration of Customs, at a news briefing.

He made the comment after customs released the country’s trade dat乐动体育,乐动体育登录乌托邦

a for the first half of the year. Foreign trade increased by 3.9 percent year-on-year, tot

乐动体育,乐动体育登录乌托邦品茶微信aling 14.67 trillion yuan ($2.16 trillion), with exports growing by 6.1 percent year-on-year. Imports rose 1.4 pe

rcent, and the country’s trade surplus widened by 41.6 percent year-on-year to hit 1.23 trillion yuan during the same period.

Last year, foreign trade in the first half grew by 7.9 percent year-on-year, with exports rising 4.9 percent and imports up 11.5 percent.乐动体育,乐动体育登录乌托邦

“The sector remains quite resilient” against the headwinds of Sino-US trade disputes and slowing global economic growth, he said.

Li also said that Sino-US trade frictions have had some impact on t乐动体育,乐动体育登录乌托邦

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he country’s foreign trade, but the impact is “largely controllable”. “Our foreign trade as a who

le continued to expand as the world remains optimistic about the potential of the Chinese market,” he said.

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more enterprises an乐动体育,乐动体育登录乌托邦女神会所 oth nations, Xi said.

hing is especial乐动体育,乐动体育登录乌托邦女神会所ly problematic in threatening to turn a trade war into a protracted and destru

乐动体育,乐动体育登录乌托邦品茶微信ctive economic cold war,” Roach said. “Now, more than ever, a fragile world is in desperate need of political will and wisdom.”

Discussions between the Chinese and US trade teams are underway, said Vice-Minister of Commerce Wang Shouwen on Monday.乐动体育,乐动体育登录乌托邦

Speaking at a news briefing, Wang said China supports necessary reform in the World Trade Organization to promote its authority and efficiency.乐动体育,乐动体育登录乌托邦

“We hope the G20 summit could further build positive consensus on advocating for the乐动体育,乐动体育登录乌托邦品茶微信

multilateral trading system and opposing unilateralism and protectionism.”

乐动体育,乐动体育登录乌托邦The country will stick to open policies, building a free, fair, nondiscri

minatory, transparent, foreseeable and stable trade and investment environment, Wang said.

he Liaison Office of the Central People’s Government in the Hong Kong SAR said in a stateme

nt: “Such savage acts were an outright provocation and trampling of the city’s rule of乐动体育,乐动体育登录乌托邦品茶微信

law, which has gravely sabotaged Hong Kong’s social stability and cannot be tolerated.”

That office also expressed its firm support for the SAR government in dealing乐动体育,乐动体育登录乌托邦品茶微信

with the violence in accordance with the law, safeguarding the rule of law and social o

rder and maintaining the city’s prosperity and stability in concert with sectors of the Hong Kong community.

The Ministry of Foreign Affairs and the Office of the Commissioner of the Ministry

of Foreign Affairs in the Hong Kong SAR joined the condemnation of violent protesters and blasted the “double standard” of forei

gn governments for using human rights and freedom as an excuse to intervene in Hong Kong’s internal affairs.

Responding to remarks by the United States, United Kingdom and the European

Union on the violent protest, a statement from the office urged them to stop interfering in China’s sovereignty and security and Hong Kong’s prosperity and stability.

Deploring the “selective ignorance” of foreign governments, the office que

stioned foreign governments’ hidden agenda for condoning violent criminals in the city.

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Expectation of Fed ra乐动体育,乐动体育登录乌托邦s an over-reaction

Herd instinct is the human nature to follow the crowd and act collectively – and market expectation always does not change smoothly but t

乐动体育,乐动体育登录乌托邦ends to over-react to new information. The current market expectation of the US Federal Reserve’s rate cuts is a case in point.

On June 20, the latest meeting of the Fed’s policy-setting Federal Open Market Committee shrugged off the market’s high expectation of rate cuts and gave no clear policy signal confirming a cut.

We believe the market had overreacted in forming its expectation of rate cuts after the Fed swiftly adopted a dovish tone from the end of last乐动体育,乐动体育登录乌托邦

year. Specifically, we believe market expectation – it has formed since May – of a change in policy stance, as well as the timing and degree of rate cuts, may not fully materialize.

We will elaborate on this now. It should be noted the misconceived expectation of Fed rate cuts could ind乐动体育,乐动体育登录乌托邦

uce a drastic reversal in investor sentiment and asset price fluctuations, if the Fed’s moves miss expectation.

Firstly, the market may have overestimated the degree of the Fed’s policy stance change. A clear rate cut signal may not emerge until the end of this month.乐动体育,乐动体育登录乌托邦

According to Bloomberg, the Fed funds futures market has recently priced in a 98.5-percent chance that the Fed will lower rates at least once this year.

乐动体育,乐动体育登录乌托邦品茶微信However, the Fed’s earlier forward guidance only indicated the end of monetary policy n

ormalization, which does not necessarily point to the beginning of a rate cut cycle. Also, the Fed h

as removed the word “patient” from the latest FOMC meeting statement but did not confirm a rate-cut stance.

We believe that because of the following two reasons, the Fed is still on cautious lookout, and t

here will not be any clear rate cut signal or plan until the next FOMC meeting at the end of this month.乐动体育,乐动体育登录乌托邦品茶微信

Externally, the Fed is expected to stand pat until trade dispute uncertainties ease, to give itself an advantage in its game with the US Administration.

The Fed would put itself in an unfavorable position if it initiated a rate cut before majo乐动体育,乐动体育登录乌托邦品茶微信

r uncertainties over the China-US trade dispute are removed, because the pre-emptive move may enc

ourage the US Administration to escalate the trade dispute, which will in turn pose a dilemma to the Fed.

That’s because any escalation in trade tensions will, on the one hand, d

ssipate and even offset the easing boost from rate cuts and force the Fed to accelerate the乐动体育,乐动体育登录乌托邦品茶微信

rate cut pace. On the other hand, the escalation could further fuel imported inflation, which will significantly reduce the

Fed’s room for rate cuts. The Fed will then face a policy-making dilemma of whether to further cut rates.

www.shejio.org

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Monday’s collision was 乐动体育,乐动体育登录乌托邦女神会所h involvg a German

The United Stat乐动体育,乐动体育登录乌托邦女神会所es on Monday imposed new sanctions on Iran targeting its Supreme Leader Ayatollah Ali Kh

amenei and other senior officials, a move further worsening the already strained Washington-Tehran ties.

US President Donald Trump signed an executive order on Monday at the White House, which he said is “imposin

g hard-hitting sanctions on the supreme leader of Iran and the office of the supreme leader of Iran and many others.”

Trump accused Khamenei of being ultimately “responsible for the hostile conduct of the regime.”

The newly added sanctions will deny Iranian leadership’s access to financial resources, blocking the

m from using the US financial system or accessing any assets in the United States, according to the White House.

US Treasury Secretary Steven Mnuchin revealed in a following press conference on

Monday that the new order will freeze billions of additional dollars in Iranian assets.

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After about 20 乐动体育,乐动体育登录乌托邦女神会所, there was an aerial collisio

n between two E乐动体育,乐动体育登录乌托邦女神会所urofighters, with fatal consequences,” she said.

The third pilot saw two parachutes descending to the ground, indicating pilot ejection mecha

nisms were triggered after the crash in Germany’s Mecklenburg Western Pomerania state, the defense minister reported.

“One pilot was recovered alive, but the second pilot was dead

when he was found,” said von der Leyen. “We share in the grief of the relatives.”

Eyewitness videos showed the burning planes falling from the sky and later, two plumes of smoke rising from the ground.

Firefighters were deployed to extinguish fires from the wr

eckage. Police warned the public not to approach potentially dangerous debris at the site.

The Eurofighter Typhoon was jointly developed by Britain, G

ermany, Italy and Spain. More than 550 of the jets have been delivered since 2003, at a cost of close to $

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Speaking of China’s rol乐动体育,乐动体育登录乌托邦品茶微信o steadfastly purs

e a peaceful deve乐动体育,乐动体育登录乌托邦品茶微信lopment path and share development opportunities with all part

ies, especially through Belt and Road cooperation and more conveniences in market access.

He also called for equal dialogue based on mutual respect and adhere

nce to multilateral trade rules in addressing economic and trade problems, stressing tha

t relevant sides should never readily resort to protectionism and unilateralism.

Xi arrived here Friday for the CICA summit and a state visit to Tajikistan.

Tajikistan is the second leg of Xi’s two-country Central Asia trip, which also

took him to Kyrgyzstan for a state visit and the 19th Shanghai Cooperation Organization summ

it.The Fifth CICA Summit takes place at the Kohi Navruz (Navruz Palace) in Dushanbe, Tajikistan on Jun

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