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"Bonds usually take up a large portion of many countries' forex reserves," said Zhao Qingming, chief economist of derivatives institute of China Financial Futures Exchange. "The interest rate hike by the Federal Reserve has led to declines in bond prices across the world, which also influenced the assest reassessment of China's forex reserves."

"Local legislation has played an important and unique role in reform and opening up, as well as modernization," he said.

KATHMANDU, Oct. 1 (Xinhua) -- The China-proposed Belt and Road Initiative is critical to socio-economic transformation of smaller countries like Nepal, a senior leader of Nepal's ruling Nepal Communist Party (NCP) said on Monday.

Having worked in many development initiatives throughout the continent, Williams believes that the resources and goodwill of the Chinese people should be properly utilized and not abused by African officials who are not fully committed during implementation.

He added that in 2019, the two countries would celebrate the 60th anniversary of the establishment of relationship.