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In May, the offshore RMB exchange rate against the US do

dollar dropped more than 3 percent 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 Monda

y that higher US tariffs on China’s imports triggered financial market volatility, and this also affected the offshore RMB.

The currency’s depreciation was purely caused by market forces, a

d China has never taken any measures to deliberately devalue the currency to make its exports more

attractive, said Guo, who is also head of the China Banking and Insurance Regulatory Commission.

According to Guo, the short-term fluctuation of the RMB exchange

rate was normal, and the depreciation will not last long given the stable economic growth base.

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Britain took part in the European Parliament elections b

because it had delayed the date of its exit from the EU, but its MEPs will leave the parliament when Brexit happens.

In total, Britain will elect 73 MEPs (Members of the European Parliament) to the 751-seat parliament

. They will not contribute directly to British policymaking on domestic issues like Brexit, but will have a say in EU-wide policy.

Farage casts Britain’s political system as broken and says parliament a

nd the government are trying to thwart Brexit. He wants the United Kingdom to leave th

e EU as soon as possible and says the damage of a no-deal departure has been blown out of proportion.

Farage, who as UKIP leader persuaded May’s predecessor, David Came

ron, to call the Brexit referendum and then helped lead the campaign to leave the EU, h

as said that failure to implement Brexit would show Britain not to be a democracy.

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Foreign investors’ access to onshore stock index futures

“Moreover, as foreign investors’ trading helps boost liquidity in the domestic market and makes the price changes mor

e consistent with international trends, domestic market participants can also better hedge against risks,” he said.

Experts also expect China to open up the stock index futures mark

et to foreign investors, as they have large exposure in t

he A-share market and are therefore in need of this risk management tool.

Foreign investors’ access to onshore stock index futures is an “infrastructure” for fin

ancial market opening-up, without which foreign investors’ passion for Chinese shares may be dampened, said Wa

ng Maobin, investment department chair at the University of International Business and Economics in Beijing.

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At present, more than 20 provincial-level regions have

 completed 5G call tests and more than 500,000 commercial 5G base stations are expected to be

built in South China’s Guangdong, North China’s Hebei, East China‘s Zhejiang and Jiangxi, and Central Chi

na’s Hubei provinces and the cities of Shanghai, Harbin, Tianjin, Chongqing and Wuhan in the future, the report said.

“With technologies and products related to the 5G network maturing, the main parts of the 5G ind

ustrial chain, including systems, chips and terminals, are ready for commercial use,” Wen Ku, a

spokesman for the Ministry of Industry and Information Technology, said on Tuesday.

The report said the ministry, having made a general plan fo

r 5G application, is estimated to formally issue 5G licenses at some point this year.

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envisions cooperation on big dataXi said inthe

President’s message calls for tackling legal, security, governance challenges

President Xi Jinping called on Sunday for strengthened cooperation among countries to explo

re opportunities of digital, internet-based intelligent development and to properly address le

gal, security and governance challenges arising from big data industry development.

He made the remarks in a congratulatory letter to the China Internati

onal Big Data Industry Expo 2019, which kicked off in Guiyang, Guizhou province.

The new generation of information technology, represented by the internet, big data an

d artificial intelligence, is booming at present and has significant and profound influence on various cou

ntries’ economic development, social progress and people’s lives, Xi said in the letter.

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Dongxing Securities analysts noted in the report tha

hat the ban will be an alarm bell for China, and the Chinese government and domestic comp

anies will accelerate the push for developing core industries, including in chips manufacturing.

“As the division of the telecom industrial chain has become globalized, the US ban will also affect US chipmakers’ income,” the report

said. “Huawei lists 33 US companies among core suppliers, accounting for 36 percent of its total key suppliers.”

A strong 7.5 magnitude earthquake struck Peru on Sunday morning, the Geophysical Institute of Peru (IGP) said.

No casualties or material damages have so far been reported.

The IGP first reported the quake measured 7.2 magnitude. It was recorded at 02:41

am local time (0741 GMT) in the province of Alto Amazonas in northern area of the Loreto region.

Hernando Tavera, head of the IGP, told local media: “The quake has been percei

ved with a fairly large radius, including Lima, Junin, Pasco and Iquitos, where there has been a power cut.”

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Gaming disorder was included in the ICD-11, which was

s adopted on May 25, as a clinically recognizable and significant syndrome, of which young people are notably at risk, in 2

018, according to a message by Pan American Health Organization and World Health Organization Americas.

Gaming disorder is described as a pattern of persistent or recurrent g

aming behavior, which may be online or offline, and such impaired control over gaming has n

egative effects on family, social, educational, occupational and other important areas.

Multinational electronic games industry representatives criticized the dec

ision of WHO and many organizations including Enter

tainment Software Association and UK Interactive Entertainment called for WHO to re-examine the decision.

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China’s rural areas have become bright spots in the countr

ry’s e-commerce growth. Rural online retail sales reached 357 billion yuan (51.6 billion US dollars) in

the first three months of this year, up 19.5 percent year on year and faster than the national average growth.

As tours to Xinjiang Uygur autonomous region have become increasingly popular among tourists from home

and abroad, local authorities have announced a plan recently to launch as many as 100 special trains for tourists from May to October.

The local railway authorities will step up cooperation with other parts of the country to boost

Xinjiang’s tourism development, according to Huang Tingfaen, deputy general manager of Xi

njiang Railway Tourism Development Group.The trains will provide easier access to both the southern and northern par

ts of Xinjiang, said Huang. It will also be more convenient for Xinjiang residents to travel to other parts of the country.

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By late April, China had been hit by 129 African swine

 fever outbreaks, affecting all 31 provinces, municipalities and autonomous regions on the mainland, since the country’s first reported outbr

eak in Shenyang, Liaoning province, in August, according to the Ministry of Agriculture and Rural Affairs.

This resulted in more than 1 million pigs being slaughtered to prevent and control the disease, which is deadly to pigs but does no

t affect people. The ministry has called for intensified research and development to expedite the availability of va

ccines for disease prevention and control, but admitted difficulties due to the complex nature of the virus.

China is the world’s largest producer and consumer of pork, with an annual produc

tion of 700 million pigs. Pork accounts for 62 percent of meat consumption in China, and su

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Market-oriented reform and opening-up will improve pr

roductivity in the service sector, which is an important thing that China is focusing on to stabilize economic growth,” Zhu said.

Chen Yulu, a vice-governor of the PBOC, also supported a “full-scale” opening of the financial sector. In the future, foreign invest

ors are welcome to conduct all forms of financial business in China, excepting those being named on a neg

ative list, and authorities are researching a new regulatory system, Chen said at the forum on Saturday.

Li Daokui, director of the Academic Center for Chinese Economic Practice and Thinking at Tsing

hua University, said China “should be more confident” in accelerating opening-up of its financial sec

tor, which will help global investors seize numerous opportunities in the Chinese market.

Domestic financial institutions are now capable of engaging in fiercer competition with global peers as their serv

ice abilities in many aspects, such as banking and insurance, have improved a lot over the past years, Li said.

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