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Chinese yuan continues rise as global currency of note

2 min read

Chinese yuan continues rise as global currency of note

More than a quarter of cross-border trade was settled in the Chinese currency in 2017, and more than 60 countries have adopted it as their reserve

China’s monetary authority listed steady progress to achieve completely free use of the yuan in cross-border capital investment as one of its priorities this year, based on further market-oriented exchange rate reform, according to a statement released on the central bank’s website on 8 May.

Pan Gongsheng, vice-governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, called for expansion of the global use of the yuan under a “macro prudential” management framework to monitor market fluctuations.

These points, part of the central bank’s 2018 annual work plan, were released after the nation’s policymakers introduced reforms to further open the domestic financial sector to foreign investors.

The renewed strength of the US dollar, when the dollar index that measures the greenback against a basket of currencies rose by nearly 2.5 per cent to a new peak of 93.0516 on 8 May, the highest since December, has added depreciation pressure on the Chinese currency.

The yuan’s daily trading reference, its central parity, dropped by 1 per cent over the same period, and the depreciation of the currency in the offshore market was even greater, at a rate of about 1.2 per cent. The yuan’s central parity was 6.3674 per dollar on 8 May.

With a wider opening of China’s financial sector, the yuan’s exchange rate will get closer to the market’s equilibrium level

“There will be concerns that the extended run of dollar-buying momentum risks spelling pain for emerging markets in ways not seen since the US Federal Reserve began raising its interest rates back in 2015,” said Jameel Ahmad, global head of currency strategy and market research at ForexTime.

Experts said that rising inflation and the expected US Fed rate rise in June would continually strengthen the US dollar, which has been catalysed by the growth of 10-year US treasury yields to above 3 per cent-the first time since 2014. They speculated that increased interest rate differentials between the US and other major economies were behind the recent fluctuations in the dollar.

Cross-border capital flows should be watched closely in the coming months, but the influence on China is limited because of its experienced cross-border capital flow risk management, according to Jing Ulrich, managing director and vice-chairwoman of JPMorgan, Asia-Pacific.

With a wider opening of China’s financial sector, the currency’s exchange rate will get closer to the market’s equilibrium level, and possibly reach 6.25 per US dollar by the end of this year, with more balanced two-way capital flows, according to Ulrich.

“The government’s encouragement of the global use of the yuan is expected to boost Chinese corporates and financial institutions to develop overseas businesses, which will lead to a rise in the yuan’s market share,” she said.

According to a recent assessment by China’s central bank, the yuan ranked sixth globally as an international payment currency by 2017, and more than a quarter of cross-border trade was settled in yuan. More than 60 foreign countries have adopted the yuan as their reserve currency.

This article was originally produced and published by China Daily. View the original article at www.chinadaily.com.cn

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Instagram mega mum takes down account after accusations she used her children for advertising 

2 min read

Instagram mega mum takes down account after accusations she used her children for advertising 

Photographs of a family holiday in Florida are labelled as a partnership with Visit Florida, which Mrs Hooper described as a “work trip” in an interview, whilst the couple spent time in Madagascar in October. 

Their social media profiles have also acted as a springboard for the couple to write three books between them about pregnancy and parenting. 

Mr Hooper,  a 35-year-old management consultant, is taking part in a “social experiment” whereby Renault have placed a camera in his car for a year. 

Mr Hooper then posts videos of family trips – tagged as being a “paid partnership with Renault UK” – including one in which he says that it is “really the only place” he can had one on one time with his daughters. 

Recent Mumsnet posts from Mrs Hooper reveal that it is not just on blogs where the ethics of posting images of their children are discussed as a photographs of one of her daughters on a potty “was one I wasn’t happy with him posting I felt it crossed the line”, she revealed. 

When asked why she did not demand he remove it she replied: “The reason I felt it wasn’t wise to have it taken down was I felt it would only anger people and fuel more threads so I remained silent and never mentioned it until now. “

Those close to the midwife, who works on a ward one day a week, say that the de-activation of her Instagram account is likely to only be temporary as she takes a few days breather from online rows. 

The midwife had also become embroiled in accusations of bullying on her page after her followers repeatedly criticised someone who accused her of hypocrisy. 

Despite posts suggesting that she had been reported for breaches of the Nursing and Midwifery Council’s social media rules, her employer Kings College Hospital said that it had received no such complaint. 

Mrs Moody refused to comment on why she had suspended her account. 

She has faced criticism for featuring her children in her posts for a number of years and has repeatedly defended her decision. 

Her followers have commented on Mr Hooper’s account asking her to ignore the “bullying” and come back, with one commenting: “People still can’t handle someone being a mother and a professional, and a person in their own right.”

Justine Roberts, CEO and founder of Mumsnet, said: “Many Instagram stars are in our own Influencers Network, we consider them to be Mumsnetters and value them highly.

“We know that some have taken the feedback on board; the criticism of a lack of clarity when it comes to labelling sponsored posts seems to have led to some Instamums being more transparent about sponsorship and advertising, which is great and much appreciated by mums.”

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‘No-frills’ funerals on the rise as families fear of engaging with death

1 min read

'No-frills' funerals on the rise as families fear of engaging with death

Professor Douglas Davies, a professor in the study of religion at Durham University, said young people were scared of the emotional impact of bereavement and warned that a modern “avoidance of being upset” could stop people grieving properly. 

He said they lived in a “safety world” which shielded them from the impact of negative emotions. 

“Think of all these youngsters who have been looked after from the time they’re babies, driven to school, all that sort of stuff. 

“Death is a bit of a shock when your mother’s been really looking after you for years,” he said. 

He suggested that young people’s prolific use of social media increased the level of “living input” they experienced and made it harder and more painful to think about death. 

“The more information we get into our system, the more we are getting used to being around,” he said, suggesting that an acute “fear of missing out” made it painful to consider “the thought of there being nothing”. 

The practice of direct cremation, already common in America, has received greater public attention since the death of David Bowie in January 2016. He opted for the no-frills service and asked for his ashes to be scattered in Bali. 

But Professor Davies said the emotional impact on mourners of opting for a no-frills funeral had not been fully researched.

“What concerns me there is the fact that our emotions take wave forms and go up and down. The more they go up and down, the more we look back on them and remember and experience the event. 

“If you are removing the fluctuation you are possibly removing the richness of human experience, where it can be negative as well as positive,” he warned. 

He added that families opting for non-traditional forms of funeral such as using a civil celebrant or scattering ashes could end up feeling like they had not given their relative a “good send off”. 

In one case, a family who had used a civil celebrant had later decided to ask a priest to come and do another ceremony because they did not feel the person had been properly laid to rest.

He added that many of the cases where services involved direct cremations were likely to be elderly people with few close relatives left living.

Others would opt for the service because of its low cost, which can be thousands of pounds less than a standard funeral. 

Royal London’s report found that the average funeral in 2017 cost £3,784, a three per cent rise on the previous year. 

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Royal wedding live: Meghan Markle and Prince Harry’s ceremony begins

1 min read

Royal wedding live: Meghan Markle and Prince Harry's ceremony begins

With just 15 minutes until the bride arrives, here’s what music is being played inside St George’s Chapel. A folky/antique theme dominates in this sequence of pieces.

EDWARD ELGAR SALUT D’AMOUR

Elgar’s first published piece. Originally written in 1888 as a gift for his future wife Carice. He sold the rights to the publisher for two guineas, which was a really bad move. It became massively popular and could have earned him a fortune.

GUSTAV HOLST: ST PAUL’S SUITE, 4 TH MOVT

Holst taught at St Paul’s School for Girls and composed this in 1912 for the school orchestra. This movement based on 16 th century English ballad

SIR CHARLES HUBERT HASTINGS PARRY movts 2,3,5

Parry, a leading light of the so-called ‘English Renaissance’ who was the first director of the Royal College of Music in 1883. He wrote his Lady Radnor’s suite in 1894 for the all-women orchestra conducted by Helen, Countess of Radnor. It’s a kind of Baroque Suite in Victorian dress.

PETER WARLOCK: CAPRIOL SUITE

Set of dances based on a book of Renaissance dances composed by Peter Warlock (gifted composer who died in 1930 aged 36).

RALPH VAUGHAN WILLIAMS: FANTASIA ON GREENSLEEVES

Vaughan Williams was a collector of folk-song, and wrote many pieces based on the songs he found. This one is especially beloved, it’s always in Classic FM’s Hall of Fame. More famous and well-known than the tune it’s based on.

ELGAR SERENADE FOR STRINGS

Elgar’s first really successful work, completed in 1893. It remained one of his favourite works right to the end of his life. He liked it because it was ‘really stringy’ – weird phrase but a musician knows What he means – it completely suits a string orchestra, you couldn’t arrange it for something else.

ELGAR CHANSON DE MATIN

In his early days, Elgar was always complaining about having no money, and wrote this delicious piece in 1899 as a deliberate money-spinner for his publisher Novello. It worked.

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