eign exchange reserves at $3.095 trillion at the end of April. The reserve amount was stable, altho
ugh it slightly retreated from $3.098 trillion at the end of March, according to the State Administration of Foreign Exchange.
Li Yang, director of the National Institution for Finance and Development of the Chinese Academy
of Social Sciences, said that China is unlikely to sacrifice foreign exchange reserves to de
fend its currency, even if depreciation pressure rises amid any escalation in trade tension.
In May, the offshore RMB exchange rate against the US dollar dropped more than 3 percen
t under market pressure as global investors worried about the escalation of trade friction.
Guo Shuqing, Party secretary of the People’s Bank of China, the central bank, said on Monday that higher US tariffs on Chin
a’s imports triggered financial market volatility, and this also affected the offshore RMB.
resident’s message calls for tackling legal, security, governance challenges
President Xi Jinping called on Sunday for strengthened cooperation among countries to explor
e opportunities of digital, internet-based intelligent development and to properly address leg
al, security and governance challenges arising from big data industry development.
He made the remarks in a congratulatory letter to the China Intern
ational Big Data Industry Expo 2019, which kicked off in Guiyang, Guizhou province.
The new generation of information technology, represented by the
internet, big data and artificial intelligence, is booming at present and has significant and
profound influence on various countries’ economic development, social progress and people’s lives, Xi said in the letter.