The RMB’s daily trading reference, or the central parity for onshore trading, has been stabilized ar
ound 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 dir
ect intervention in foreign exchange markets, and the performance of RMB is addressed mainly by market forces.
General Wei Fenghe, China’s defense minister, will attend the coming Shangri-La Dialogue set to
open on Friday in Singapore according to Senior Colonel Wu Qian, spokesman for the Defense Ministry.
Wei’s attendance will be the second time China has sent its defense mini
ster to the international security forum held by the London-based think tank International Insti
tute for Strategic Studies. The first time was in 2011, when General Liang Guanglie took part and delivered a speech.
ed China’s digital economy had reached more than 27 trillion yuan ($4 trillio
n) in 2017, a year-on-year rise of 20.3 percent, accounting for nearly 33 percent of GDP.
Lu said the growth rate of the number of people working as new media operators in 2017 was mo
re than 10 times that of 2013. The growth comes as more consumers turn from mass media to new me
dia, which provides more information, is faster, has a more diversified presentation and cheaper cost.
Algorithm engineers, in particular, grew at exponential rates. More than fi
ve times as many people worked as algorithm engineers in 2017 than 2013, he said.
“Algorithm is the foundation for artificial intelligence. AI has started to integrate with other industr
ies and already had been successfully implemented in AI plus marketing, finance and assisted medical dia
gnosis. AI engineers will have more value as AI becomes more closely tied with more businesses,” Lu said.