RMB’s value determined by market forcesce forex rese

Beijing will not sacrifice forex reserves to defend its currency, analysts say

China would rather rely on market-oriented forces to determine the renminbi’s value than defend its currency by d

ipping into its $3 trillion foreign exchange reserves amid trade disagreements, analysts said.

The United States Treasury announced on Wednesday that it could not label China a

s a “currency manipulator” after Washington monitored the recent performance of the RMB.

No evidence was found to show Chinese monetary authority intervention in foreign exchange markets over the past sev

eral months, according to the US Treasury’s semiannual foreign-exchange report to Congress.

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When asked if China will stop exporting rare earth mat

aterials to the US, Gao Feng, the ministry’s spokesman, said China

has been the world’s largest supplier of rare earth materials and has always been keen to m

eet the demand of its trade partners on this material to promote the rare earth industry.

The ministry made the remarks after the Trump administration starting May 10 raised tariffs on Chinese goods and rest

ricted Huawei’s business operations, which has harmed the interests of companies and financial markets on both sides.

“While satisfying domestic demand, China is always willing to fulfill other coun

tries’ rightful needs for rare earth materials,” he said. “But if any country plans to use the rare earth materials that Ch

ina exports to make products that will suppress China’s development, it is not acceptable.”

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The meeting highlighted the importance of strengthen

 innovative capabilities as well as opening-up and cooperation in this regard, and called for improving the services and

environment for opening-up and cooperation so that development is promoted through opening-up, inn

ovation is advanced through reforms and win-win results are achieved through cooperation, it said.

Tough and newly emerging problems should be resolved through deepening reforms, the statement said, adding that the

capability of dealing with challenges and preventing risks should be intensified.

The meeting required Shanxi province, a coal-abundant area in North Ch

ina, to conduct pilot reforms in its energy industry and take the lead in the whole cou

ntry in areas such as promoting clean and low-carbon energy use and enhancing innovatio

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Issoufou congratulated Xi on the 70th anniversary of the f

 founding of the People’s Republic of China and the great achievements that Chinese people have made under

the leadership of the Communist Party of China. Noting that China’s development has made important contributions to m

ankind, Issoufou said that China’s inclusive economic growth has lifted a huge number of people out of poverty.

Niger supports the goal of building a community with a shared future for mankind, and the BR

I put forward by Xi will bring benefits for the whole world, he said, adding that Niger would like to pro

actively participate in the Belt and Road. While meeting with Issoufou on Tuesday, Premier Li Keqiang said that Chi

na would like to offer a hand to Niger for the country’s economic development and the improvement of people’s lives.

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The 5G tech will not only improve the way people liv

 live and work, but also accelerate China’s social digital transformation as well as build key competence amid the uphill battle in the global industry,” Huang said.

“There are huge investment opportunities for 5G industries, including materials, chips,

main equipment suppliers, base stations, antenna, cloud computing, internet of vehicles and the internet of things,” Hu

ang said. “5G will bring historic opportunities for China’s economic and social development.”

A new 5G research institute has also been established in Yizhuang, Beijing on Wednesday.

According to a new report by Global System for Mobile Communications Associ

ation, China is set to become the largest 5G market in the globe, with 460 million 5G users by 2025.

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f rice and fertilizer futures, guiding more compan

anies and fund managers entering the market, and assisting in formulating the Futures Law.

“As prices of bulk commodities fluctuated frequently and shar

ply in recent years, the real economy has a huge demand for risk management,” Lu said, str

essing the importance of accelerating the development of the futures market amid uncertainties.

China stepped up efforts to open up the commodity futures mar

ket last year, making three futures contracts available to f

oreign investors so far, including crude oil, iron ore and purified ter

ephthalic acid (PTA), a raw material for making plastics.

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China’s Qomolangma climbing season runs from April 10 t

At least four deaths have been blamed on crowding during the climbs, Agence France-Presse reported.

People should be well prepared to handle Qomolangma’s traffic jams which are common phenomena along climbing paths, said alpinists who had reached the summit.

“Although the news about the jam on Qomolangma this year has gone viral, people should understand that it happens every year during the brief cl

imbing window. Knowing what to do when climbers jam the narrow paths should be incl

uded in their training well in advance,” said Ma Liyamu, who reached the top of Qomolangma, the world’s ta

llest mountain at 8,848 meters, on May 22 and was also held up by the crowds on her descent.

She is the leader of a mountaineering team of three Chinese women w

ho scaled Qomolangma. They launched their expedition from Nepal, which issued 381 cli

mbing permits for the season that concludes this week. Nepal’s permits this season cost $11,000 each.

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Still, the victory of the Brexit Party could prompt the Cons

servatives to choose a new leader to campaign on a “no-deal” Brexit. But

this has little or no chance of being accepted by the British parliament, which means the B

rexit stalemate will continue until there is a general election or a second referendum. In any case, the normally pr

ofree trade voice of the UK will be reduced in the new European Parliament.

Beijing‘s first bikeway, which connects Huilongguan in Changping district and Shangdi in

Haidian district for cyclists, has finished the colored pavement and is about to open this week.

The bicycle-only road has a maximum speed of no more than 15 kilom

eters per hour and is forbidden to entry by pedestrians, electric bicycles and other vehi

cles, according to traffic rules on the bikeway released by the Beijing Municipal Commission of Transport.

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Spain’s SEAT set to make China comeback by 2021

Spain’s largest carmaker SEAT is set to make a comeback in China around 2021, a move that will help its parent

company Volkswagen AG secure a larger share in the world’s largest new energy vehicle market.

“The Spanish brand aims to enter the Chinese market in the coming two to three years,” said Volkswagen in a stat

ement on Tuesday, citing an agreement it signed with SEAT and Chinese carmaker JAC Motors.

SEAT pulled out of China in 2014 after two years of poor sales of its gasoline vehicles.

This time, it will enter the Chinese market through JAC Volks

wagen, a 50-50 joint venture established in Hefei, Anhui pr

ovince, in 2017 to develop, produce and sell pure battery vehicles.

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We must work together to ensure that big data, and the

e technologies that it enables, are harnessed for the benefit of mankind while minimizing the risks to devel

opment, peace and security and human rights,” Guterres said in a congratulatory letter to the expo.

Miao Wei, minister of industry and information technology, said China has already made sig

nificant progress in bolstering the big data industry with a string of big data platforms established in sect

ors such as manufacturing, commerce, finance, transportation and medical care.

“We will make a fresh push to integrate cutting-edge information technologies into the re

al economy, including establishing a national industrial data center, to better power the country’s sp

rawling manufacturing sector,” Miao said at the opening ceremony of the big data expo.

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