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ng should be leveraged to improve coordination mechanisms
for economic policies such as finance, currency, employment, industry, and regional develop
ment to ensure the nation’s economic development stays within a reasonable range, the statement said.
The meeting highlighted the importance of strengthening innovative cap
abilities as well as opening-up and cooperation in this regard, and called for improving the serv
ices 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 state
ment said, adding that the capability of dealing with challenges and preventing risks should be intensified.
eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho
ugh it slightly 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 the Chinese Academy
of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de
fend its currency, even if depreciation pressure rises amid any escalation in trade tension.
In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen
t under market pressure as global investors worried about the escalation of trade friction.
Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin
a’s imports triggered financial market volatility, and this also affected the offshore RMB.
trade, they could decline by 0.134 percent, 0.323 percent and 0.869 percent. Th
e US tariff hikes therefore will increase the economic pain of the US and world economies.
Agricultural products, chemicals and chemical products, textiles and g
arments are the main US items targeted by China’s higher tariffs. But despite the higher tar
iffs providing some protection for domestic industries, Chinese consumers might have to pay more to purchase them.
In the first four months of this year, the volume of Sino-US trade dropped by 15.7 percent to $161.23 billion. In terms of product
structure, US exports of raw materials and foods to China saw the biggest decline, among which the export of so
ybeans plummeted by half in March compared with the same period last year. And US exports of plant products, mi
nerals, jewelry and precious metals declined by more than 85 percent in the first quarter.
hat the ban will be an alarm bell for China, and the Chinese government and domestic comp
anies will accelerate the push for developing core industries, including in chips manufacturing.
“As the division of the telecom industrial chain has become globalized, the US ban will also affect US chipmakers’ income,” the report
said. “Huawei lists 33 US companies among core suppliers, accounting for 36 percent of its total key suppliers.”
A strong 7.5 magnitude earthquake struck Peru on Sunday morning, the Geophysical Institute of Peru (IGP) said.
No casualties or material damages have so far been reported.
The IGP first reported the quake measured 7.2 magnitude. It was recorded at 02:41
am local time (0741 GMT) in the province of Alto Amazonas in northern area of the Loreto region.
Hernando Tavera, head of the IGP, told local media: “The quake has been percei
ved with a fairly large radius, including Lima, Junin, Pasco and Iquitos, where there has been a power cut.”