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BEIJING, Aug. 30 (Xinhua) -- China is ready to advance cooperation with Turkey in combating terrorism to better fulfill the common task of safeguarding national unification and territorial integrity and opposing separatism, Foreign Minister Yang Jiechi said here Sunday. Yang made the remarks when meeting in Beijing with Turkish State Minister Zafer Caglayan, who paid the visit to China as special envoy of Turkish Prime Minister Recep Tayyip Erdogan. The visit "indicated Turkey's political will to further its relationship with China," Yang said during the one-hour meeting, adding China attached great importance to promoting the ties with Turkey. China was ready to strengthen the bilateral relations on the basis of universally recognized norms of international relations, he said. Chinese Foreign Minister Yang Jiechi (R) meets with visiting Turkish State Minister Zafer Caglayan who paid the visit to China as special envoy of Turkish Prime Minister Recep Tayyip Erdogan, in Beijing, capital of China, Aug. 30, 2009 Yang said China always held that safeguarding the overall development of the bilateral relations could serve the fundamental interests of the two peoples. Both China and Turkey were faced with common tasks of protecting national unification and territorial integrity. The two countries enjoyed long-standing coordination in security fields including anti-terrorism, Yang said. China would work with Turkey to boost the cooperation in this regard, so as to better carry out the common task of safeguarding national unification and territorial integrity and opposing separatism, he said. Yang also said that the July 5 riot in Urumqi was neither an ethnic problem nor a religious issue, but an incident plotted and organized by the "East Turkestan" separatist forces both inside and outside China. It had a profound political background. The riot, taking place on July 5 in capital of the northwest China's Xinjiang Uygur Autonomous Region, left 197 people dead and more than 1,600 others injured. Yang said the "East Turkestan" separatist forces' nature and harm was disclosed in the riot as it seriously jeopardized the lives, property of the Chinese people of various ethnic groups, and the local stability. The measures taken by the Chinese government to deal with the incident according to law won wholehearted support of the local people of all ethnic groups, Yang said. Caglayan reiterated Turkey's adherence to the one-China policy and its respect for China's sovereignty and territorial integrity. The two peoples had a long history of friendship, and the two countries enjoyed "sound cooperation" in areas such as fighting terrorism, Caglayan said, adding Turkey would like to keep close contact with China in this area. "Turkey will endeavor to develop a strong relationship with China, through deepening bilateral cooperation," he said. Caglayan, who arrived in Beijing Saturday, also said the success of Turkish President Abdullah Gul's visit to China in June had exerted profound influence on the bilateral relations. During his four-day stay in China, Caglayan was also scheduled to meet Chinese Premier Wen Jiabao and visit Xinjiang, according to Chinese Foreign Ministry.
CHENGDU, Aug. 2 (Xinhua) -- All the nine people missing in mudslides caused by heavy rains in southwest China's Sichuan Province were dead as the last two bodies were recovered over the weekend, the provincial government said late Sunday. Rocks and mud buried a residential quarter of Sinohydro Bureau 10, a hydropower engineering and construction company in Jinyang County, early Friday, leaving nine workers missing. The body of a victim in the mudslide is carried away by rescuers in Jinyang of southwest China's Sichuan Province, Aug. 1, 2009. All of the bodies of 9 victims in mudslides caused by heavy rains in Jinyang were found on SaturdayLocal authorities have intensified monitoring and early warning about possible landslides as more heavy rains likely continue to lash the region. Rainstorms in the country this year have left 307 people dead and 113 missing as of Thursday, according to the State Flood Control and Drought Relief Headquarters. A rescuer finds the clothes of a victim in Jinyang of southwest China's Sichuan Province, Aug. 1, 2009. All of the bodies of 9 victims in mudslides caused by heavy rains in Jinyang were found on Saturday.

HONG KONG, Sept. 28 (Xinhua) -- The launch of Renminbi sovereign bonds in Hong Kong on Monday shows China's efforts to boost the international use of the yuan step by step, officials and analysts said. The bond issue, worth only 6 billion yuan (878.5 million U.S. dollars), marked a key milestone in the internationalization of the RMB. Hong Kong was chosen for, and will benefit from, the milestone bond sale thanks to its unique position as the international financial center providing desired cushion against the potential risks when the program was launched, analysts said. BOOSTING INTERNATIONAL USE OF RMB The bond issue in Hong Kong came earlier than expected, said Hu Yifan, an economist with CITIC Securities. "The need for the RMB to go international and convertible has been growing along with the increasing importance and openness of the Chinese mainland economy and the risks arising from over- reliance on the United States dollar as the reserve currency," said Tse Kwok-leung, head of economic research of Bank of China ( Hong Kong) Limited. China has been launching pilot RMB programs over the years, but the pace has obviously quickened since the onset of the global financial crisis. Pilot RMB programs launched in Hong Kong over the past 12 months also included yuan-denominated cross-border trade settlement and trade financing, yuan bonds issued by policy banks, commercial lenders and the branches of foreign banks, and currency swaps. The sovereign bond issue would help "boost the international use of the RMB in a steady and orderly manner," the Chinese Ministry of Finance quoted Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Henry Tang as saying. The sovereign bond sale in Hong Kong serves the purpose of water testing to "see how it is received by international investors." Hong Kong has a unique strength in that it provides the desired cushion against potential risks when the pilot programs were launched, given that the mainland capital market was yet to open up, Tse said. BOOSTING NASCENT BOND MARKET IN HONG KONG The bond issue ahead of the Chinese National Day showed the central government's support for Hong Kong, Vice Minister of Finance Li Yong said. It will help Hong Kong build on its strength as an international financial center by boosting the nascent bond market in Hong Kong, Tse Kwok-leung said. "It calls for a banking system, a stock market and a bond market, all developed, to make a developed international financial center," Tse explained. Hong Kong has been aspiring to be the leading international financial center in the Asian time zone. Government statistics showed that the total assets of Hong Kong's banking system and the size of its stock market were both about six times its gross domestic product, compared with a bond market equivalent to 43 percent of its gross domestic product. Bonds issued in Hong Kong in 2008 totaled 424.4 billion HK dollars (54.4 billion U.S. dollars), with 67 percent issued by the Hong Kong Foreign Exchange Fund, which was established to defend the Hong Kong dollar peg to the U.S. dollar. The other 33 percent were accounted for by development banks from outside Hong Kong and corporate bonds issued by local players. There were no sovereign bonds. Tse said the bond issue will also help improve the liquidity of, and diversify, the local bond market. It will also improve the operation of the RMB bond market in Hong Kong by helping find the benchmark interest rate in the local market. Tse said the demand for sovereign bonds issued by an economy as strong as the Chinese mainland was huge, given the impact of the global financial crisis on the corporate bond market. Vice Minister of Finance Li Yong also said he believed the bonds will be well received. "I believe the RMB sovereign bonds will prove popular with investors looking for safe and prudent investments. I definitely think it will be successful," Li said.
GUANGZHOU, Sept. 15 (Xinhua) -- One person is missing and more than a million residents affected as typhoon Koppu landed in southern China's Guangdong Province Tuesday, local authorities said. About 1.06 million people in 69 townships in Jiangmen and Yangjiang cities were feeling the effect of the storm at 6 p.m., said Guangdong Flooding and Drought Relief Headquarters. One person in Zhuhai City is missing. In Shenzhen City, 169 flights were delayed on Tuesday, stranding nearly 10,000 passengers. The typhoon, the 15th this year, has brought heavy rains to Guangdong. In Yangjiang City, where the typhoon downgraded into a strong tropical storm, fallen trees and branches could be seen along the roads. In Sanya City in the southern island province of Hainan, the typhoon brought rain of more than 167 millimeters. Shipping services across the southern Qiongzhou Strait, which have been suspended since Monday afternoon, were expected to resume Wednesday. Local experts have warned of flash flooding, with the possible dangers of mudslides and landslides. Koppu would bring heavy rain to most parts of southwestern Guangxi Zhuang Autonomous Region, Hainan and Guangdong during the next two days, China's central observatory said.
NEW YORK, Aug. 31 (Xinhua) -- Oil prices plummeted to below 70 U.S. dollars a barrel on Monday as investors were rattled by the sharp decline in China's equities market. Light, sweet crude for October delivery lost 2.78 dollars, or 3.8 percent, to settle at 69.96 dollars a barrel on the New York Mercantile Exchange. The contract fell to the intraday low of 69.13 dollars a barrel. Global stock markets dropped broadly after China's Shanghai Composite Index dived almost 7 percent, spurring concerns about the pace of world economic recovery. Oil prices have found support from optimism that a potential turnaround in the economy could boost flagging fuel consumption, which sent the futures up to a fresh ten-month high of 75 dollars a barrel. However, oil failed to break the 75-dollar psychological barrier and fell back to around 70 dollars a barrel as investors were worried that the market might have gotten too far ahead of the economy. In London, Brent Crude for October delivery tumbled 3.52 dollars, or 4.8 percent, to 69.27 dollars a barrel on the ICE Futures exchange.
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