China, Brazil hold concert to celebrate 50th anniversary of diplomatic ties

A vibrant fusion of Chinese and Brazilian musical traditions filled the National Library Concert Hall in Beijing on Tuesday to celebrate the 50th anniversary of diplomatic relations between China and Brazil.

The concert, featuring the Brazilian Mare Youth Symphony Orchestra and Chinese Peking Opera and folk music artists, showcased the rich cultural tapestry of both nations.

The concert hall buzzed with energy as the Brazilian orchestra performed lively South American pieces, their music imbued with the vibrant spirit of their homeland.

A highlight of the evening was a collaborative performance of a Peking Opera aria by Brazilian youth and Chinese Peking Opera performers, captivating the audience with its delicate melodies and earning thunderous applause.

The Mare Youth Symphony Orchestra, a social initiative supported by the State Grid Corporation of China since 2011, has empowered over 7,000 underprivileged Brazilian youth through music education, fostering their personal growth and promoting cultural exchange between China and Brazil.

The concert has provided the youth with hope and inspiration, demonstrating that challenges are conquerable and encouraging a positive outlook, according to Marcos Galvao, the Brazilian Ambassador to China.

"I think it gives them hope. I think it gives them a sense of possibility. They can see by watching their fellow young people perform, they see that challenges can be faced and conquered and so it gives hope," said the ambassador.

In addition to the concert, the Brazilian Mare Youth Symphony Orchestra, which is paying a visit to China for the first time, took to the streets of Beijing, immersing local residents in classic pieces from both countries.

China, Brazil hold concert to celebrate 50th anniversary of diplomatic ties

The onshore Chinese currency renminbi, or the yuan, strengthened to below 7.10 against the U.S. dollar in August.

In August, the weighted average rate on new corporate loans registered around 3.6 percent, a decline of over 0.2 percentage points from an already relatively low benchmark in 2023.

This indicates that China has continued to lower the overall financing costs and is encouraging financial institutions to pass on profits to the real economy.

The RMB exchange rate has seen an appreciation. The U.S. dollar index, which measures the greenback against six major peers, has retreated from its peak since August, decreasing from above 104 to below 101, marking a new low in over a year with a decline of about 3 percent.

The onshore RMB exchange rate against the U.S. dollar has strengthened from a high point of 7.27 yuan in mid-July to below 7.10 yuan, a cumulative appreciation of 2 percent.

Cross-border funds continued to flow into the Chinese domestic market, maintaining a net increase trend. In August, overseas investors increased their net holdings of domestic bonds by approximately 17 billion U.S. dollars, marking the 12th consecutive month of net inflows.

Onshore Chinese yuan strengthens against USD in Aug