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BEIJING, Jan. 4 (Xinhua) -- The Chinese currency Renminbi, or the yuan, rose 8 basis points to a record high of 6.3001 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 percent from the central parity rate each trading day.The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
BEIJING, Nov. 5 (Xinhua) -- Chinese President Hu Jintao's speech at the sixth Group of Twenty (G-20) Summit has drawn positive comments from the international community, which praised the address for proposals for efforts to maintain world economic growth and financial stability.In the speech delivered at the Nov. 3-4 summit in Cannes, France, Hu put forward a package of proposals urging the world's major economies to work together to promote growth and financial stability."It is imperative that we stand on a higher plane, transcend differences on specific issues, move beyond short-term considerations, and jointly seek ways to overcome the crisis and sustain development," Hu told the summit.Chinese President Hu Jintao gives a speech at the Group of Twenty (G20) summit in Cannes, France, Nov. 4, 2011."At this critical moment, the G-20 must work to address the key problems, boost market confidence, defuse risks and meet challenges and promote global economic growth and financial stability," Hu said.Reporting developments at the G-20 summit, the Reuters news agency quoted Hu as saying in the speech: "As the premier forum for international economic cooperation, the G20 must continue to demonstrate the spirit of standing together in times of adversity and pursuing win-win cooperation. At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability."Reuters also said Hu hopes to send a clear message of ensuring economic development and boosting stablity to the international community.The French newspaper Le Figaro reported that Hu expressed confidence that Europe could overcome its debt crisis.The website of Estado de Sao Paulo, Brazil's daily newspaper, quoted Hu as saying that China has made contributions to world economic growth, and that an imperative task for the G-20 summit was to maintain economic growth.At the summit, Hu said that a priority for world leaders is to maintain robust economic growth, and called attention to the maintenance of domestic growth in China, which would benefit the world economy, the newspaper reported.The newspaper also cited Hu as calling for advancing reform of the international monetary system in a steady manner, expanding the use of the Special Drawing Rights of the IMF, reforming the SDR currency basket, and building an international reserve currency system with stable value, rule-based issuance and manageable supply.O Globo newspaper of Brazil reported that in the speech, Hu demanded that Western countries stop exerting pressures on emerging economic powers to compel them to appreciate their currencies.The newspaper quoted Hu as saying: "To keep asking emerging markets to revalue their currencies and reduce exports will not lead to balanced growth. On the contrary, it would only plunge the global economy into a 'balanced recession' and make sustainable growth impossible."In a related development, Robert Zoellick, president of the World Bank, issued a statement on the G-20 summit on Friday, saying: "The G-20 today presented an agenda to restore confidence in the global economy through its commitment to reinvigorate growth, create jobs, ensure financial stability, and make globalization more sustainable and inclusive."The global economy is still very much at risk from faltering economies in developing countries, and the Eurozone deal has bought some time, and the challenge is how to use the time, Zoellick said."I believe it would be very useful if the G20 leaders can send a strong signal on follow-through after the Eurozone announcement so as to sustain and build confidence," Zoellick noted.

HELSINKI, Nov.23 (Xinhua) -- Nokia Siemens Networks is planning to cut its workforce by 17,000 worldwide by the end of 2013, the company said in a statement on Wednesday in Espoo, Finland.The company said the measures are part of an extensive global restructuring program, in which it will focus on mobile broadband and services."We need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market," said the company's Chief Executive Rajeev Suri in the statement.Rajeev Suri called the job cuts regrettable but necessary, and said the company would provide support for individuals and communities affected by the cuts, but defended the decision on economic grounds.Nokia Siemens is aiming to cut operating expenditures by around a billion euros over two years.Some 74,000 people currently work for the Espoo-based company in 150 countries, around 7,000 in Finland. The company will announce the geographical distribution of the job cuts later on.
BEIJING, Oct. 24 (Xinhuanet) -- The average global land temperature has increased by around one degree Cetigrade since the mid-1950s, American scientists announced last week after reviewing historical temperature records to date.According to media reports, the scientists of the Berkeley Earth project have studied more than a billion temperature records dating back to the 1800s from 15 sources around the world.And the result is in line with the estimate made by major institutions which keep official records on the global climate, including the Nasa's Goddard Institute for Space Studies in the US and the Met Office's Hadley Centre in Britain.Meanwhile, the scientists established an open database for the climate records so that skeptics on climate change can assess climage change on their own.Nevertheless, the finding of the scientists at the University of California, Berkeley did not convince climate change skeptics, according to a New York Times report.Anthony Watts, one prominent US skeptics, claimed the study's "methodology was flawed". He also noted that the finding was submitted to journal Geophysical Research Letters before being peer-reviewed.Richard Muller, a physicist and head of the project, argued that the decision to circulate the papers before publication was part a long-standing academic tradition of sanity-checking results with colleagues.He added, cited by the Guardian, "We will get much more feedback from making these papers public before publication."
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