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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
detour before reaching a deal sooner or later, then the economic impact for consumers in China and t
he US, as well as other parts of the world, will be fairly costly, said Chen Wenling, chief econ
omist at the China Center for International Economic Exchanges.
Whether they buy finished products or goods made from r
aw materials and components, the tariffs still exist, Chen said.
The escalation will make goods produced by both countries less co
mpetitive and cause large-scale job losses, said Chen.
Wei Jianguo, former vice-minister of commerce, said economic conflict
s and trade friction between China and the US that draw global attention will happen fro
m time to time in the future, and these should be rationally regarded and prepared for.
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.
mmercial Aircraft Corporation of China, Ltd. (COMAC), for example. At the earliest, COMAC will get the airworth
iness certificate for C919 in 2021. Besides, just obtaining the certificate does not reduce even a bit of the difficulty in making and delivering the aircraft.
As the history of aircraft manufacturing shows, it is almost impossible for manufacturer
s to obtain airworthiness certificate and deliver aircraft to the purchasers on time. More often than not, aerospace companies ta
ke several years more than the promised time to deliver the aircraft. For instance, both Boeing 787 Drea
mliner and Airbus 380 were delivered years behind schedule. Which means delayed delivery is a norm in the aerospace industry.
In short, it would take decades for Chinese manufacturers to mass-produce airplanes irrespective of the rise and fall of other aircraft makers.
China has made great strides in industrialization during the 40 years of reform and opening
-up, but for that it learned from developed countries’ experiences and put its own experiences to good
use. The complete system of research, development, safety, production, supply chain and service that took Boein
g and Airbus decades to establish should be what Chinese aircraft manufacturers should strive for. With continuo
us efforts, C919 could earn its place in the civil aviation industry－perhaps 10, even 20, years later.