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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.
BEIJING, July 4 (Xinhua) -- China's weather forecast authorities on Sunday said the heat that had been bearing down on many parts of the country would continue for a few more days.Sweltering weather, with temperatures over 35 degrees Celsius, could be expected in at least 13 provinces and regions across China, the National Meteorological Center said.In Beijing, the local meteorological bureau upgraded the heat alert on Sunday from blue to yellow, two steps below the top alert. It said the maximum temperature on Monday might shoot up to 37 degrees.Sunday's temperatures did not exceed 36.8 degrees, but residents in the capital were already complaining.A girl plays at a fountain in Shenyang, capital of northeast China's Liaoning Province, on July 3, 2010. Hot weather swept most regions in northern, central and southern China these days, with temperature of some regions soaring to 39 degrees celsius."Since last Friday, it has been extremely hot outside from 8 o'clock in the morning to 10 o'clock in the evening. I have to turn on the air-conditioning at home all the time," said a Beijing resident surnamed Zhao.High temperatures were also reported in several provinces on Sunday. In eastern Zhejiang Province, temperatures in eight counties and cities reached 39 degrees.In Changchun, capital of northern Jilin Province, thousands of residents chose to spend their weekends in the city's libraries to dodge the heat.Meanwhile, the sales of air-conditioners became hot items in the northern Inner Mongolia Autonomous Region.
PIRAEUS, Greece, Aug. 9 (Xinhua) -- Two Chinese naval escort warships arrived in Greece's Piraeus Port on Monday, kicking off a five-day visit.The vessels, destroyer Guangzhou and frigate Chaohu, are part of the fifth Chinese naval escort flotilla, which just completed the escort mission in the Gulf of Aden and Somali waters to protect commercial ships from pirate attacks.Chinese Ambassador to Greece Luo Linquan and some 200 Chinese nationals came to the port to welcome the arrival of the two Chinese warships. Waving Chinese and Greek national flags, the enthusiastic Chinese living in Greece greeted the Chinese sailors with cheers.They were excited when allowed to tour one of the ships."We are so excited to have a chance to board a Chinese naval destroyer," Wu Hailong, a Chinese businessman in Athens, said, adding that he and his friends come to Piraeus early in the morning from central Athens to welcome the Chinese navy soldiers.Zhang Buren, a Chinese national from Taiwan who has lived in Athens for more than three decades, said he was very impressed by the elegant demeanor of Chinese navy soldiers. "I feel very much proud as a Chinese and so happy to see China is developing fast."At a welcoming ceremony held at the port, the Chinese ambassador said the Chinese navy has made its effort in fighting piracy. "The Chinese naval escort flotilla has successfully escorted some 20 Greek commercial vessels in the waters near Somalia in the past few years," he said. Greece is one of the countries with biggest commercial fleets.The Chinese envoy added that the Greek government and Greek Navy attach great importance to the visit by the Chinese naval fleet. "The Greek shipowners will come to visit the Chinese naval fleet and express their gratitude to the help from the Chinese navy," he said.During the five-day visit, the Chinese naval officers and soldiers will visit a Greek navy base as well as the Acropolis and other archeological sites in Athens.China's fifth naval escort flotilla with more than 800 officers and soldiers has successfully escorted 588 Chinese and foreign vessels in 41 batches since it arrived in the pirate-infested waters in early March this year.
ISLAMABAD, Aug. 19 (Xinhua) -- The second batch of humanitarian aid from China began to arrive in the Chaklala Airbase near Islamabad on Thursday, bringing relief materials to flood-ravaged Pakistan.The shipment mainly consisted of daily necessities, including 1, 200 tents, 30 tonnes of compacted rations, 23,800 blankets, 1,000 generators, as well as medicine, bottled water and water purification equipment.The second batch of the relief goods worth 50 million yuan (7.4 million U.S. dollars) will be completely delivered by Friday, according to the Chinese Ministry of Commerce.Accepting the help from China, Sibtain Fazal Haleem, the Secretary of Economic Affairs Department, said that China was the first country to deliver relief goods to Pakistan in this time of need, reflecting the special friendly relations between the two neighboring nations.Chinese Ambassador to Pakistan Liu Jian said that China is willing to help the flood-hit Pakistanis to weather the unprecedented disaster, and that China hopes the Pakistani government can make smooth advance in rescue, relief and reconstruction.On Aug. 4, the first batch of humanitarian aid from China worth 10 million yuan was delivered to Pakistan.Pakistan kicked off an emergency rescue and relief operation on July 30 after declaring an emergency in the flood-struck northwestern province of Khyber Pakhtunkhwa.So far, the country's worst floods in 80 years have killed 1, 556 people and left 20 million homeless, according to a government report released on Thursday.
COLOMBO, June 11 (Xinhua) -- Sri Lankan Prime Minister D. M. Jayaratne and the visiting Chinese Vice Premier Zhang Dejiang stressed here on Friday to enhance the two friendly nations' cooperation in a wide range of areas including economy, education, culture and international affairs.Jayaratne told Zhang that Sri Lanka's economy has been greatly benefited by some mega-projects funded by China in recent years. He also expressed his gratitude to China's participation in Sri Lanka's economic rebuilding after the conclusion of a 30-year-old civil war.The Sri Lanka prime minister said Sri Lanka treasures the friendship between the two countries and unswervingly supports China on issues of her core interests.Zhang congratulated Sri Lanka for the end of the civil war, as well as the steady progress in rebuilding and social-economic development.He said China hopes to continue to increase friendly exchange between the two countries and enhance cooperation in the areas of infrastructure, industry, communication, energy, education, culture, tourism, among others.Zhang also proposed the two countries to enhance multilateral cooperation in the international arena to protect the just rights and interests of the developing nations.They also witnessed the signing of several economic and commercial cooperation agreements after their talks.Sri Lankan speaker Chamal Rajapaksa held talks with Zhang earlier on Friday.The Chinese vice premier arrived in Colombo Thursday night for a three-day visit to Sri Lanka, the second stop of his four-nation tour which will also take him to Greece and Austria. He visited Pakistan before his arrival to Colombo.