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China’s renminbi weakens

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Beijing: The central parity rate of the Chinese currency, the renminbi (yuan) weakened by 137 basis points to 6.5169 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

The yuan hit its lowest level in more than four years in both onshore and offshore trade on Monday, as bad news about the country’s manufacturing activity unnerved investors, Xinhua reported.

The Caixin General China Manufacturing Purchasing Managers’ Index (PMI), an indicator of manufacturing activity, edged down to 48.2 in December from November’s 48.6 percent. The reading was the lowest since September.

A reading above 50 indicates expansion while a reading below 50 represents contraction.

The yuan has largely been trending down since China’s central bank revamped its foreign exchange mechanism last August to make the currency more market-based.

The yuan has been losing ground as the Chinese economy hit its slowest pace in a quarter century due to outstanding issues such as housing overhang and excess capacity.

Meanwhile, the US raised its interest rates in December and more hikes are expected in 2016.

The PBOC said in August that there is no basis for steady depreciation of the yuan. (IANS), (image courtesy: fortunedotcom.files.wordpress.com)

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China Will Get an ‘Understanding India’ Programme To Facilitate Cultural Exchange

"We would like to demystify the idea of India through this programme."

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India, China
PM Modi meets Xi Jinping, wikimedia commons

India plans to launch an “Understanding India” programme in China to “demystify” the country and create a better understanding of it.

Despite being immediate neighbours, India and China lack people-to-people contact and cultural exchange.

Indian Council of Cultural Relations President Vinay Sahasrabuddhe, who was in Beijing to attend the World Congress of Philosophy, said that by watching Bollywood and reading websites one can know India only superficially.

India and China on Saturday agreed on a joint economic project in Afghanistan, sources said after a two-day summit between Prime Minister Narendra Modi and Chinese President Xi Jinping here.
Representational Image, wikimedia commons

“India cannot be understood by simply reading books and visiting websites. India is an experience,” Sahasrabuddhe said.

“In most big countries like China, we are trying to have some kind of ‘Understanding India’ programme which will be a structural programme.”

The Rajya Sabha MP said that India was a “riddle” to the people outside because of its diversity and coexistence of masses despite the economic disparity in the country.

“We would like to demystify the idea of India through this programme,” Sahasrabuddhe added.

He also said the Indian cultural centres across the world that don’t have any name will be named after Indian monk Swami Vivekananda.

India, China
India is an experience

The cultural centre at the Indian Embassy in Beijing was named after the spiritual leader on Tuesday.

Also Read: Indian Art Forms in International Festivals Through Sands of Culture Series

“We respect everybody. There are Nehru centres; there are Mahatma Gandhi centres; there are Tagore centres but there are centres that did not have any names… so we thought it was fit to name all those under Swami Vivekananda because he symbolizes Indian culture in a multiple ways. He is an inspirational hero,” said Sahasrabuddhe.

There are 37 Indian cultural centres in the world. (IANS)

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