Central bank vice-governor voices confidence amid currency volatility
The monetary authority vowed to stabilize the renminbi amid escala
ted trade tensions, while continuing to push forward financial opening-up and pr
otecting overseas investors’ legal rights, said a senior official from the central bank on Sunday.
“We have the foundation, confidence and capacity to maintain a stable foreign exchange ma
rket in China, and keep the renminbi exchange rate at a reasonably stable equilibrium,” said Pan Gongsheng, vi
ce-governor of the People’s Bank of China, the central bank, said in a statement on its website.
Before his pledge, the onshore renminbi rate depreciated to 6.9182 per do
llar at Friday’s close, the weakest level since December, and the offshore renminbi rate h
detour before reaching a deal sooner or later, then the economic impact for consumers in China and t
he US, as well as other parts of the world, will be fairly costly, said Chen Wenling, chief econ
omist at the China Center for International Economic Exchanges.
Whether they buy finished products or goods made from r
aw materials and components, the tariffs still exist, Chen said.
The escalation will make goods produced by both countries less co
mpetitive and cause large-scale job losses, said Chen.
Wei Jianguo, former vice-minister of commerce, said economic conflict
s and trade friction between China and the US that draw global attention will happen fro
m time to time in the future, and these should be rationally regarded and prepared for.
American Soybean Association President Davie Stephens said on Tuesday.
President Donald Trump threatened in a tweet on Sunday to increase tariffs.
Stephens, a grower from Clinton, Kentucky, said that US farmers are in a tough situation, and with depressed prices
and unsold stocks forecast to double before the 2019 harvest begins in September, farmers urgently need the China market.
“We need a positive resolution of this ongoing tariff dispute, not further escalation of tensions,” he said in a release posted on the ASA web site.
Nicole Kaeding, vice-president of federal and special projects at the Washington-based Tax Foun
dation, said that if the Trump administration follows through on the president’s threat, it’s US taxp
ayers, not Chinese taxpayers, who will pay the price — thanks to higher prices and fewer job opportunities.
of cooperation, defined key areas and strengthened the mechanism to seek high-quality development of the BRI, he said.
Leaders reached wide-ranging agreement on high-quality cooperation on the BRI at the leaders’ roundtable on Saturday after an i
n-depth exchange of views on issues such as connectivity, policy integration and sustainable development.
They supported comprehensive infrastructure connectivity as a way to foster economic growth and to build high-q
uality, reliable, resilient and sustainable infrastructure, according to a joint communique issued after the roundtable.
All parties involved supported strengthening synergies in development policies using the principle
of extensive consultations, joint contributions for shared benefits and building even closer partnerships, the joint communique said.
The leaders also upheld green and sustainable growth and agreed to enhance cooperation in areas such as environ
mental protection, circular economy and clean energy, according to the communique.
fivefold in the past few years, which helps reduce trade disparities with developed
economies. He called on all CEE nations to take the opportunity to deepen economic and trade cooperation with China.
Zhong Shan, minister of commerce, said over 1,000 people participated, the most since the event started nine yea
rs ago. “It demonstrates the increasing confidence in the forum and cooperation with China at large,” he said.
In recent years, China’s trade with CEE nations has seen rapid growth. According to the Ministry
of Commerce, China’s imports from the countries have risen by 24.6 percent to $23 billion. Chinese compan
ies have invested over $10 billion in CEE nations, which in turn have injected more than $1.5 billion into China,
focusing on machinery, auto components, the chemical industry, financing and environmental protection.
After the forum, Li and Plenkovic attended an exhibition of Chin
a-CEEC education cooperation and a dialogue mechanism to boost cooperation among small an
d medium-sized enterprises from both sides. Before leaving for Beijing, Li also had separate