BEIJING - China's foreign exchange (forex) market posted turnover of 110.93 trillion yuan ($16.7trillion) last year, the State Administration of Foreign Exchange (SAFE) said on Friday. It is the first time the annual turnover of the country's forex market has been released, accordingto the SAFE. In December, forex market turnover totaled 12.17 trillion yuan, including 2.46 trillion yuan in forextransactions between banks and their clients, 9.71 trillion yuan in interbank forex transactions, 5.53 trillion yuan in transactions on the spot forex market and 6.64 trillion yuan in forex derivativestransactions. It is forecast that forex market turnover will continue to rise this year as more overseas investorsenter China's forex market. In 2015, China opened its interbank forex market to overseas central banks and similarinstitutions to promote a market-oriented and more transparent interbank forex market. So far, 14 overseas central banks and similar institutions have been allowed to trade in China'sinterbank forex market. about Us: Company:Meifeng Factory Supply portable wardrobe,metal hanger,shoe rack and other home furniture products. E-mail:factorymf@fjmf888.com webiste:www.factorymf.com

WASHINGTON - US President Barack Obama participated in a town hall meeting hosted by the US TV network CNN Thursday night, defending his executive orders aimed at curbing gun violence in the country. Obama rejected as "imaginary fiction" the claim that he wanted to take away the guns of law-abiding Americans, reiterating that he respects the Second Amendment of the Constitution and the right to bear arms. "Our position is consistently mischaracterized," Obama said. "If you listen to the rhetoric, it is so over-the-top, it is so overheated." He also disputed the notion that most criminals acquired guns illegally or through personal connections, making background checks -- a major focus of his policy initiative on firearms -- of little utility. "All of us can agree that it makes sense to do everything we can to keep guns out of the hands of people who would do others harm, or themselves harm," he said. Obama unveiled on Tuesday a series of executive measures on gun control, including expanding background checks, and called for "a sense of urgency" about gun violence. Anybody in the business of selling firearms must get a license and conduct background checks or be subject to criminal prosecution, Obama said at the White House. He was joined by gun control activists and the families of gun victims. He said his administration will hire more people to process background checks to make the system more efficient and add 200 more agents and investigators to ensure the "smart and effective" enforcement of gun safety laws. Representatives of the National Rifle Association, a major opponent of Obama's gun-control measures, declined to participate in the town hall event and instead took to Fox News to blast Obama, according to CNN. about Us: Company:Meifeng Factory Supply portable wardrobe,metal hanger,shoe rack and other home furniture products. E-mail:factorymf@fjmf888.com webiste:www.factorymf.com

China's economic growth is predicted to further decelerate this year to 6.7 percent, the slowestsince 1991, trapped by manufacturing overcapacity and sluggish export, said a think tank reporton Tuesday. The year-on-year GDP growth in 2015 is possible to achieve 6.9 percent, down from 7.4 percentin 2014, predicted by the same report from the Center for Forecasting Science, ChineseAcademy of Sciences (CAS). It is less likely for the three major driving forces of economic growth – consumption, investmentand export, to bottom out over the year affected by the economic downward pressure, said thereport. It indicated the strongest support of the world's second largest economy will be domesticconsumption in the coming months, which will contribute 4 percentage points, compared with 2.6percentage points from investment and 0.1 percentage points from export. Stimulus on these driving forces, or the "demand side" will be less efficient to stabilize the growthbecause of the serious overcapacity problem, thus the government policy will focus on structuringreforms on the "supply side", said Chen Xikang, a professor of Academy of Mathematics andSystems Science under the CAS. The report forecasted a 10.5 percent year-on-year growth of retail sales this year, down from apossible 10.7 percent growth in 2015. The fixed-asset investment will remain stable around 10percent. The export, meanwhile, is likely to rebound to a 3.9 percent growth from a drop of 1.8percent. The forecast was published two weeks before the National Bureau Statistics' release of the 2015GDP growth rate and other major economic indicators. about Us: Company:Meifeng Factory Supply portable wardrobe,metal hanger,shoe rack and other home furniture products. E-mail:factorymf@fjmf888.com webiste:www.factorymf.com

Germany, as one of the first partners of the Asian Infrastructure Investment Bank (AIIB), hasdeposited its instrument of ratification of the bank at the Ministry of Foreign Affairs of China, theGerman embassy in China said on Monday. Contributing $4.5 billion, Germany will be the fourth largest capital provider for the AIIB globallyand the largest one non-regionally. Germany will partner with the AIIB closely and attentively concerning the fulfillment of its mandateand tasks, which includes compliance with international standards, the embassy said in astatement. The executive director from Germany at the AIIB will be based in Beijing, added the embassy. The AIIB, the new international development bank led by China, currently has 57 prospectivefounding countries. With authorized capital of $100 billion, the AIIB will invest in sectors including energy,transportation, urban construction and logistics as well as education and healthcare. The new lender, which will be inaugurated at the end of this year, plans to lend $10 billion to $15billion a year for the first five or six years, Jin Liqun, the president-designate of the AIIB, saidearlier this month. about Us: Company:Meifeng Factory Supply portable wardrobe,metal hanger,shoe rack and other home furniture products. E-mail:factorymf@fjmf888.com webiste:www.factorymf.com

Chinese students in the United States are getting an earlier start. In the 1970s, a typical Chinese student in the US was there for a master's or doctoral degree.They were then followed by students pursuing undergraduate degrees. Now, Chinese are the largest international group in US kindergarten-through-12th grade, or K-12,programs of study. November statistics show that 34,578 Chinese students were studying in primary and secondaryschools in the US, or 52 percent of all international students there. Five years ago, the number was 8,857, according to The Wall Street Journal. It cited statisticsfrom the Student and Exchange Visitor Program, a Department of Homeland Security unit thattracks foreigners in the US on student visas and the schools they attend. At The Brook Hill School in Bullard, Texas, the number of Chinese students grew from six to 20 inthe past six years, the maximum allowed from one foreign nation. When Tang Weite first arrived at the school in 2009, the 18-year-old found that South Koreanswere the dominant group at their boarding house. Shawn Rhodes, director of residence life, said, "That trend shifted to China, as China hasincreased in affluence and prosperity." Ma Shuheng, a senior at the pre-K-12 day and boarding Christian school near Dallas, said: "Notonly the number is increasing. The standard (for admission) is higher, too." He said that when he first applied in 2012, there was hardly any barrier to entry. "Now, most students who get in have a 90-plus TOEFL score," he added, referring to the Test ofEnglish as a Foreign Language. One of the reasons for many Chinese students studying in US schools is to escape the gaokao,China's national entrance examinat...

Chinese currency may decline further, while monetary policy is also likely to be affected China's monetary policy and the renminbi's value face major uncertainties in the capital marketafter the US Federal Reserve's first interest rate rise in 10 years, according to economists. This is especially the case as few indicators point to a reversal in the country's economicslowdown, they said. The Fed decision, announced by chairwoman Janet Yellen on Wednesday, saw it raise rates to25-50 basis points from 0-25. Emerging economies, especially China, will be most affected by the rate rise, according toresearch by Goldman Sachs. The renminbi may fall further against the US dollar, devaluing renminbi-denominated assets andtriggering increased capital outflows, economists said. The yuan fell against the dollar for the ninth consecutive day on Thursday, with the daily referenceexchange rate being adjusted to 6.4757 per dollar from 6.4626 a day earlier. The renminbi has dropped by 1.4 percent against the dollar in two weeks. According to the State Administration of Foreign Exchange, China's top foreign exchangeregulator, Chinese banks bought foreign exchange worth $116.7 billion last month and sold$171.5 billion, expanding the deficit to $54.8 billion from $20.1 billion in October, indicatingaccelerated capital outflows. about Us: Company:Meifeng Factory Supply portable wardrobe,metal hanger,shoe rack and other home furniture products. E-mail:factorymf@fjmf888.com webiste:www.factorymf.com

Large trade surplus and strong foreign direct investment are positive factors, officialsays There is no reason to worry about a long-term depreciation of the renminbi, a senior official saidon Thursday, after the central bank lowered the daily fixed exchange rate to a four-year low of6.4236 yuan per US dollar. Wang Yungui, head of the State Administration of Foreign Exchange's policy and regulationdepartment, believes that the country's strong balance of payments position－reflected by a largetrade surplus and stable foreign direct investment－will prevent a sharp fall in the currency. Depreciation pressure on the renminbi, however, might have accelerated capital outflows sinceNovember, Wang said. Last month, foreign exchange reserves dropped by $87.2 billion to $3.44trillion, the lowest level since February 2013. "That decline in reserves can be tolerated, as well as the amount and speed of recent cross-border capital outflows," he said. Wang said China is studying financial tools, such as a "Tobin tax"－a currency transaction tax oncross-border capital－to limit outflows. Such a measure could be applied in the future to curbpotential risks when the market is further opened. The current depreciation pressure on the renminbi originates in part from market expectations ofan increase in the US Federal Reserve interest rate, combined with slowing economic growthmomentum in China. The renminbi's onshore spot rate, which was limited to a maximum 2 percent move up or downaround the reference rate, extended a five-day drop, reaching 6.4433 yuan per dollar by noon onThursday, the lowest level since Aug 13 when the People's Bank of China announced it wouldswitch to a new exchange rate regime based on the currency'...

NEW YORK - A working group on renminbi trading and clearing was set up in the New York Cityon Monday with former NYC mayor and business tycoon Michael Bloomberg serving as the chairof the group. The group said enabling renminbi-denominated transactions to be cleared in the United Stateswill sharpen the competitiveness of US companies by lowering transaction costs, and bringabout direct benefits to the US economy. The move is one of the results of Chinese President Xi Jinping's state visit to the United States inSeptember when both Xi and President Barack Obama agreed to further deepen financialcooperation between the two countries. "President Obama and President Xi came to an important agreement that will greatly benefitboth the United States and China, and it's now incumbent on US industry to follow their lead,"said Bloomberg. The formation of The Working Group on US RMB Trading and Clearing follows that agreement,with the objective of charting a framework and roadmap that will make it easier for US institutionsto make or receive renminbi payments, subject to review by US authorities, thereby lowering theirtransactional costs, increasing their efficiency and helping them build stronger trade andbusiness partnerships -- which in turn will create more jobs and lead to further US economicgrowth. The group will initially include the following member institutions: The US Chamber of Commerce,Bank of America, BNY Mellon, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley, WellsFargo, Agricultural Bank of China, Bank of China, Bank of Communications, China ConstructionBank, Industrial and Commercial Bank of China, Additional firms are expected to join the groupin the near future. Tom Donohue, presiden...