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Onshore Chinese yuan strengthens against USD in Aug

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      China

      China

      Onshore Chinese yuan strengthens against USD in Aug

      2024-09-14 10:56 Last Updated At:11:07

      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

      Onshore Chinese yuan strengthens against USD in Aug

      Members of the Shenzhou-19 crew aboard China's Tiangong Space Station successfully completed their second series of extravehicular activities (EVAs) at 01:12 (Beijing Time) on Tuesday, after performing multiple tasks including the installation of space debris protection devices and an extravehicular inspection.

      Astronauts Cai Xuzhe, Song Lingdong and Wang Haoze worked for over eight hours to complete the tasks, with Cai and Song undertaking spacewalk duties. They were assisted by the space station's robotic arm and a team on Earth.

      Song stepped out of Tiangong's Wentian lab module at 16:55 on Monday. Cai exited the module about two hours later to join Song on device installation tasks. Meanwhile, Wang stayed in the station's core module to provide support.

      "The primary task is to install debris protection devices outside the module to safeguard its external cables from debris impact. Given the increasingly severe risk of space debris collisions in the orbital environment, we have carefully selected appropriate materials and made specialized designs. Additionally, the protection devices are designed to be easily and securely installed on the exterior of the space station, ensuring effective protection," said Li Zhihai, an aerospace engineer with the China Aerospace Science and Technology Corporation.

      During their previous extravehicular mission in December, the Shenzhou-19 crew primarily installed protective devices for the external pipelines and cables of the Tianhe core module. Their second spacewalk put a focus on strengthening the Wentian lab module.

      "Since the operational area for this mission differs from the previous one, the entire path planning process for the robotic arm must take into account the specific conditions around the Wentian module. It is essential to avoid any interference or collisions with the module itself or its solar panels. This requires maintaining a safe distance, which necessitates optimization in the design phase on the ground, along with extensive testing and validation," Li said.

      The crew has completed all tasks smoothly and the two astronauts conducting the EVAs have returned to the Wentian lab module safely.

      "The astronauts showed exceptional efficiency and speed throughout the entire process, and all installations were done perfectly," Li said.

      The Shenzhou-19 crew have completed nearly half of their space journey and are scheduled to carry out a significant number of in-orbit scientific experiments and technological tests, according to the China Manned Space Agency.

      Shenzhou-19 crew strengthens Tiangong station's debris protection in second spacewalk

      Shenzhou-19 crew strengthens Tiangong station's debris protection in second spacewalk

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