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BEIJING, June 10 (Xinhua) -- The People's Bank of China (PBOC), the central bank, injected 166 billion yuan (24.3 billion U.S. dollars) into the money market this week, easing tight money supply conditions with bill issuance and repurchase agreements.In its regular open market operations Thursday, the central bank auctioned 10 billion yuan (1.46 billion U.S. dollars) of three-month bills at a yield of 1.5704 percent, up 4.04 basis points from June 3.On Thursday, the central bank also conducted repurchase agreement operations -- the first time in almost a month -- by absorbing 10 billion yuan through 91-day repurchase agreements. The yield on Thursday's 91-day repurchase agreement rose to 1.57 percent, up 16 basis points from its previous repurchase operation.Thursday's operations together with Tuesday's 25 billion yuan worth of one-year bill issuance brought the weekly total raised to 45 billion yuan (6.6 billion U.S. dollars). But 211 billion yuan (30.9 billion U.S. dollars) of bills matured this week, meaning a net weekly injection of cash.The central bank's net injection this week was the third straight week of net injection. It pumped 159 billion yuan (23.3 billion U.S. dollars) into the market in the previous two weeks.Since mid-May, China's banks have faced a short-term money squeeze as the PBOC introduced a series of tightening measures to cool the booming property sector.Zhao Qingming, a senior research fellow at China Construction Bank, the country's second largest lender, said the yield changes on central bank bills reflects tight money supply in the short-term.Rising bill yields usually reflect lenders' reduced demand for safety or their cash hoarding.For the whole week, yields on central-bank short-term debt instruments rose compared to the previous week.The yield on one-year bills jumped 8.32 basis points to 2.0929 percent while the yield on three-month bills climbed 4.04 basis points to 1.5704 percent. The yield on 91-day repurchase agreements added 16 basis points to hit 1.57 percent.
BEIJING, June 14 (Xinhua) -- Chinese Premier Wen Jiabao has called for improving the urban living conditions for migrant workers who left their rural hometowns and are significantly contributing to the country's urbanization.Wen made the his remarks at the start of the three-day holiday for the Chinese traditional Dragon Boat Festival on Monday during his visit to a local community and a construction site on Beijing's line 6 subway.Wen noted that government officials, as well as all members of society, should treat young migrant workers as their own children, adding that the migrant workers' contribution to the growth of the country's wealth and the building of urban skyscrapers should be respected, Wen said when meeting migrant workers at the subway construction site.Additionally, Wen said that the government should work to resolve problems for migrant workers, such as marriage, housing and taking care of their children, and help them adapt to living in the cities where they are working.Wen also proposed that local government and subway construction companies should increase recreational activities, such as sports games and Karaoke, for migrant workers to enjoy during their free time in the city.At the same time, he encouraged young migrant workers to learn more practical skills and read more books so their leisure time would not be boring.Further, the premier vowed to improve construction in rural areas by building more hospitals, schools and other public facilities so that migrant workers would have fewer worries in their hometowns.Wen also visited a local children's welfare home where he met some 558 orphans. He praised the home's teachers for their hard work and the love they offered the children.Premier Wen also visited a local market where he expressed his concern about the prices of vegetables and other foods.The Dragon Boat Festival, which falls on Wednesday, is a traditional Chinese holiday to commemorate the life and death of romantic poet Qu Yuan (340 BC - 278 BC).

BEIJING, July 9 (Xinhua) -- China and Bolivia here on Friday celebrated the 25th anniversary of their diplomatic relations.The Chinese People's Association for Friendship with Foreign Countries (CPAFFC) hosted a reception in Beijing to mark the event.About 120 guests from China and Bolivia, including Jiang Shusheng, vice chairman of the Standing Committee of China's National People's Congress attended the reception.Addressing the reception, CPAFFC Vice President Li Xiaolin said the years after China and Bolivia forged diplomatic ties have witnessed smooth development of bilateral relations, with strengthening political and economic relations and deepening exchanges and cooperation in the cultural, military, scientific and technological fields.The two nations, which understand and support each other in the international arena, have similar positions on many issues, Li said.Non-governmental exchanges are expanding between China and Bolivia while official relations are undergoing healthy and in-depth development, Li added.Bolivian Ambassador to China Fernando Rodriguez Urena spoke highly of Bolivia-China relations, saying their friendship and cooperation have entered a new phase.He added that the two nations complement each other in many areas, and there is great potential for cooperation.China and Bolivia forged diplomatic ties in July, 1985.
ZHENGZHOU, July 2 (Xinhua) -- Three city mayors were suspended from their positions Friday after three mine accidents killed 169 people in central China's Henan Province, said the provincial authorities Friday.Li Endong, mayor of Pingdingshan City, Li Junfeng, vice mayor of the city in charge of work safety, and Shen Qinghuai, vice mayor of Luoyang City in charge of work safety, were suspended Friday, pending investigations, said the provincial committee of the Communist Party of China in a statement.Pingdingshan has seen two deadly accidents since last year. At least 49 miners died after explosives detonated at Xingdong No. 2 Mine on June 21, 2010. Another deadly gas explosion killed 76 people in the Xinhua No.4 pit in Xinhua District on Sept. 8, 2009.Luoyang City was home to a gas blast that killed 44 people in a coal pit in Yichuan County on March 31, 2010.All three mines had been ordered to suspend production before the accidents but somehow operated secretly as a result of possible negligence by the safety watchdogs.
BEIJING, June 21 (Xinhua) -- China's announcement that it would allow more flexibility in its yuan exchange rate meant an end to the crisis-mode policy the government took to cushion the blow from the global financial crisis, experts interviewed by Xinhua said Monday.The People's Bank of China, also known as the central bank, said Saturday that it decided to proceed even further with the reform of the Renminbi exchange rate to add flexibility to the RMB exchange rate.The decision was made in view of the recent economic situation and financial market developments at home and abroad, as well as due to the balance of payments situation in China, the central bank said. However, it ruled out a one-off revaluation of the yuan as there was no basis for large changes in its value.Experts noted it was the correct time for the exchange rate policy to return to its normal state, given the consolidated economic recovery, large decline in trade surplus and more balanced international payments.Zhao Xijun, deputy dean of the School of Finance with the Renmin University of China, said the normalization of China's exchange rate policy would intensify China's economic connection to the global economy and help promote the country's economic restructuring and adjustments of its development mode.China moved to a managed floating exchange rate regime in July 2005 which was based on market supply and demand and referencing a basket of currencies. The reform of the RMB exchange rate has made continuous progress since then, producing the anticipated results and playing a positive role.The financial crisis which broke out in the United States in 2008 shook the global financial markets and dented investment confidence. To counter fallout from the economic turmoil, nations rolled out their crisis-mode measures.Zhou Xiaochuan, governor of the central bank, said in March that the exchange rate policy China took amid the crisis was part of the government's stimulus packages, and would exit "sooner or later" along with other crisis-measures.China's economy expanded at 11.9 percent year on year in the first quarter of this year and exports surged 48.5 percent in May, government data showed.Zhao said China narrowed fluctuation of the RMB exchange rate to stabilize market sentiment and stimulate economic growth amid crisis, which was in the interests of China and contributed to the country's economic recovery.During the worst of the global crisis, exchange rates of a number of sovereign currencies to the U.S. dollar depreciated by large margins while the yuan kept stable. Against these depreciating currencies, the value of the yuan has been rising."Undoubtedly, it improved the trade environment for these countries and helped them through hard times," Zhao said, noting the policy contributed significantly to the Asian and global recovery."Narrowing the fluctuation of the yuan's value was the best exchange rate policy China could take during the crisis period, which gave export businesses a stable expectation of the yuan's value and reduced costs caused by a volatile currency," said Xiang Songzuo, Deputy Director of the Center for International Monetary Research at Renmin University of China.The central bank's move also intended to increase competitiveness of export businesses and accelerate economic restructuring.Zhao said when the RMB exchange rate regime becomes more market-oriented, China's export businesses should take more responsibilities and become more self-reliant.The central bank said Sunday that the management and adjustment of the yuan exchange rate would occur gradually, which was necessary to give export businesses time to adjust their business structures and create more jobs in the service sector.Cao Honghui, senior researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, said the further proceeding meant China would rely more on domestic demands for economic growth, which would push forward adjustments of the global economic structure.The central parity of the Renminbi against the U.S. dollar remained at 6.8275 Monday, unchanged from the previous trading day, according to the China foreign Exchange Trading System.
来源:资阳报