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
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.
interest in philosophy, history, literature, culture, music and sports, and that he first cul
tivated many of these interests back in middle school and they have stayed with him ever since.
His job is serving the people, and he works hard with a busy schedule, but takes great pleasure in his work, Xi wrote.
The Niles North students also inquired whether Xi likes the US.
Xi answered in the letter that he has visited their country many times and is impressed with the “beautiful landscape, hos
pitable people and diverse culture”, and he made a lot of friends, including some young people.
He said the students are “wonderful” and expressed hope that they will make greater progress in studying Chinese.
Learning Chinese will help them better understand China, a
d get acquainted with more Chinese friends and Chinese-speaking friends across the world, Xi said.