The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized ar
ound 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 dir
ect intervention in foreign exchange markets, and the performance of RMB is addressed mainly by market forces.
General Wei Fenghe, China’s defense minister, will attend the coming Shangri-La Dialogue set to
open on Friday in Singapore according to Senior Colonel Wu Qian, spokesman for the Defense Ministry.
Wei’s attendance will be the second time China has sent its defense mini
ster to the international security forum held by the London-based think tank International Insti
tute for Strategic Studies. The first time was in 2011, when General Liang Guanglie took part and delivered a speech.
pening-up in China’s services sector, together with high-tech development supported by artificial intelligence, will help lift Chinese
economic growth from 6.3 percent to around 7 percent by 2035, said Zhu Min, a former deputy managing director at the IMF.
“Market-oriented reform and opening-up will improve productivity in the service sector, whi
ch is an important thing that China is focusing on to stabilize economic growth,” Zhu said.
Chen Yulu, a vice-governor of the PBOC, also supported a “full-scale” opening of the financial sector. In the future, foreign invest
ors are welcome to conduct all forms of financial business in China, excepting those being named on a nega
tive list, and authorities are researching a new regulatory system, Chen said at the forum on Saturday.