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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
The app and database will help us gather more precise and well-rounded data on the population, distri
bution, ages, gender ratio, birth and deaths of wild pandas, who live in deep mountains and are hard to tr
ack,” said Chen Peng, a researcher with the base who co-authored a paper on “Giant Panda Face Recognition Using Small Database.”
“It will definitely help us improve efficiency and effectiveness in conservation and management of the animals,” Chen said.
China has carried out four scientific field research project of giant pandas in the wild.
The giant panda was scientifically discovered 150 years ago and n
amed in the city of Ya’an, Sichuan. It remains one of the world’s most endangered species.
The number of captive pandas was 548 globally as of November last y
ear. Fewer than 2,000 pandas live in the wild, mostly in the provinces of Sichuan and Shaanxi.
Given that the US economy is driven by domestic demand, consumption in particular, instead of exports, a high rate of eco
nomic growth will widen the trade deficit, as it would have to import more products than it exports. In such a situa
tion, the implementation of large-scale infrastructure construction projects would further increase the trade deficit.
To make up for the increasing savings gap, the US needs to introduce and use more foreign ca
pital, which will further enlarge the trade deficit. Therefore, the US cannot simultaneously maintain a high g
rowth rate, invest massively in infrastructure, reduce the trade deficit and restrict the inflow of foreign capital.
What is really questionable is that, despite its contempt for over-regulation of the economy, the US administration has been tryi
ng to impose regulations on international trade, even for its trade partners’ domestic economic management.