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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.
for more than 60 years and stayed true to his original aspirations. As a s
oldier, Zhang defended the country; as a civilian, he works for the people’s well-being, Xi said.
Zhang lives a life of simplicity, purity and indifference to fame and fortune, serving as a role
model for military officers, rank-and-file soldiers and veterans across the country, Xi said.
Zhang, a member of the CPC, was a soldier of Brigade 359 of the Northwest Field Ar
my, one of the main forces of the Chinese People’s Liberation Army during the Liberation War between 1945 and 1949.
He was honored by the Northwest Field Army sever
al times for performing meritorious deeds as he braved enemy fire. He was twice given the honorary title of C