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China's 5G commercial use is the natural result of a favorable domestic market, policy support and fast development in the area, an expert cited by China Newsweek on Friday said as the country granted commercial licenses for 5G last week.

China will remain in close communication with all relevant parties and stay committed to upholding and implementing the JCPOA with an objective, impartial and responsible attitude, Geng told a regular news briefing in Beijing before Trump announced the exit.

China's central bank raised the yuan's official central parity rate to 6.6102 per US dollar on Wednesday, the strongest level since mid-August 2016. Analysts, however, expect that the currency will not continue to rise as strongly in the coming months if the dollar rebounds.

China's announcement came after the US Trade Representative's office released a finalized list of 16 billion dollars' worth of Chinese goods. The tariff hike will take effect on Aug 23, bringing the total worth of Chinese goods facing a 25 percent tariff to 50 billion dollars.

China's capital intensity ratio was 1 percent in 2001, and as of 2016, it was 18 percent, marking an 18-fold growth. Now, with overcapacity, and excess inventory and capital, China should go global supported by capital accounts, facilitating outflows of the renminbi through overseas investment and export of capital. Meanwhile, China should bring back the renminbi by exporting industrial products. Then, a full circulation cycle of the yuan will be completed.