Month: May 2019
urity”, signed an executive order on May 15 that led the US Department of Commerce to put Huawei and its affilia
tes on an Entity List, which would restrict the sale or transfer of US technologies to the company.
Craig Allen, president of the council, said many of its members are suppliers to Huaw
ei, and all of them have been impacted by the Department of Commerce’s move.
Founded in 1973, the council represents around 200 US companie
s doing business with China, including Apple and Microsoft. It also includes chipmakers Inte
l and Qualcomm, which have said they would stop offering supplies to Huawei until further notice.
The members will follow US law, but there is a cost associated with that, Allen told China Daily.
of stock index futures. At present, onshore stock index futures are unavailable to overseas invest
ors, and they can only hedge risks associated with investing in A shares through offshore instruments.
“After the stock index futures market opens up, investor bases will dive
rsify, helping China’s capital market achieve a higher efficiency in asset pricing,” Wang sai
d, adding that capital market reform and opening-up is part of China’s moves to promote quality development.
“One of the key priorities this year is to accelerate the development o
f direct financing and the capital market, to strengthen the capital market’s capacity to pr
omote economic growth,” Guo Shuqing, the People’s Bank of China’s Party secretary and head of the China Ban
king and Insurance Regulatory Commission, said in an interview with China Central Television on Monday.
et forces, and China has never taken any measures to deliberately devalue the currency to make its exports more at
tractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.
According to Guo, the short-term fluctuation of the RMB exchan
ge rate was normal, and the depreciation will not last long given the stable economic growth base.
“Any speculative activities to short the RMB will suffer huge losses,” he warned.
The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized arou
nd 6.89 per dollar for eight days from May 20, and market watchers said market-oriented depreciation pressure was losing steam.
Yi Gang, the central bank governor, has said several times that the PBOC has ceased
direct intervention in foreign exchange markets, and the performance of RMB is address