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.
higher than in previous years,” she said. “Also, the rainy season is supposed to
begin after the May Day holiday, but I haven’t seen a drop of rain so far.”
Data from the National Climate Center shows that the average rainfall from April 1 to May 17 is 35.3 millim
eters, down almost two-thirds from the same period last year, the least recorded rainfall over that period since 1961.
In addition to the drought, the average temperature is 1.9 C higher than average for the period, the highest since 1961.
Chen, the chief forecaster, said that according to the mid- to long-term forecast ra
infall will relieve drought in the eastern part of Yunnan province, though its western part will still be plagued by the drought.
Surveillance from the National Climate Center shows that
drought is also occurring in the Inner Mongolia and Guangxi Zhuang autonomous regions, as well