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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
types of onshore commodity futures contracts without registering a Chinese entity, and will continuously improve the relate
d rules, Lu Dongsheng, an official with the China Securities Regulatory Commission, told a forum on Tuesday
Lu also announced other measures to develop China’s commodity fut
ures market, such as accelerating the launch of ricThe Shanghai Futures Exchange will open
up its nonferrous metals futures contracts to foreign investors, Jiang Yan, Party secretary of the exchange, said at the s
ame forum. The bourGuo Shuqing, head of the China Banking and Insurance Regulatory Commissiose will also list a n
ew type of futures contract, TSR20 Rubber, which will be available to both domestic and foreign investors, he sai
d.Lu also announced other measures to develop China’s commodity futures market, such as accelerating the launch of
also partnered with local authorities in Hefei to test autonomous
driving technologies, including robotaxis and autonomous fleet management, and on-de
mand mobility services, like ride hailing and car sharing, but none of the parties revealed the details.
Kong Xuanyou, vice-foreign minister and special representative of the Chinese government on
Korean Peninsula affairs, will take up his new post as Chinese ambassador to Japan on Thursday.
Kong, 59, is a fluent Japanese speaker. During his 34-year diplomatic care
er, he has spent two-thirds of the time dealing with issues related to Japan.
He has served in Chinese diplomatic missions in Japan on three occasions, and was China’s ambassador to Vietnam from 2011 to 2014.
the big data industry and is willing to share opportunities of the dig
ital economy’s development with other countries and jointly explore new growth drive
rs 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 genera
te and store 27.8 percent of global online data by 2025, up from 23.4 percent last year, according to a re
port 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 that f
rom medicine to transportation to farming, big data presents the world with a r
emarkable tool to advance global progress, but with that opportunity also comes risk.