The People's Bank of China (PBOC) -- China's central bank -- will take steps to prevent the risk of exchange rate overshooting, so as to maintain a stable exchange rate of the Chinese yuan, an official with the PBOC said on Thursday.
Recent data showed that the exchange rate of the Chinese yuan to the U.S. dollar has experienced fluctuations due to external factors, but it remained stable against a basket of currencies with some appreciation.
By the end of March, the China Foreign Exchange Trade System said that its yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies, reached 99.78.
The index compares the yuan's value with that of 24 other currencies, including the U.S. dollar, the euro and the Japanese yen.
"The basis of stable exchange rates is highly related to the fundamentals of the economy. The first quarter saw a positive start for the economy, with improvements made in multiple fields and with an accumulation of positive factors, which are expected to effectively counter external disruptions and which provide support for the yuan's exchange rate," Zhu Hexin, deputy governor of the PBOC, told a press conference in Beijing.
As China's foreign exchange market is becoming increasingly mature with its resilience keeping strengthening, the yuan's exchange rate is expected to fluctuate in both directions and be relatively balanced.
"[The PBOC] will not only attach great importance to the decisive role of the market in exchange rate formation, but also continue to carry out comprehensive measures to stabilize expectation. Attentions will be paid to the changes in development of the foreign exchange market. Pro-cyclical behaviors will be resolutely corrected to prevent the market from the formation of one-sided expectations and self-reinforcement. The risk of exchange rate overshooting will be firmly prevented to keep the exchange rate of the Chinese yuan basically stable at a reasonable and balanced level," said Zhu, who is also administrator of the State Administration of Foreign Exchange of China.
China's central bank committed to stabilizing yuan exchange rate: official
China's central bank committed to stabilizing yuan exchange rate: official
Human imagination and creativity, especially in making art, will not be replicated by artificial intelligence (AI), according to an art student from Belarus.
Katrina, who is getting her master's degree in intercultural communication studies at Shanghai Theatre Academy, shared her future career aspirations and her insights on the role technology will play in the arts with China Global Television Network (CGTN).
According to Katrina, a perfect job is one that would allow her to unleash her creativity and bring her artistic vision to life.
"For me, the perfect job isn't just about earning a paycheck. It's about following my passion. It involves building my own small business, a place where I can unleash my creativity and bring my artistic vision to life. It's not just about making money. It's about crafting a space where every brushstroke and design detail reflects my unique spirit. I want to leave behind the legacy of innovation and influence through my work, making a meaningful impact on those around me. The process of creation and development holds tremendous significance. It's where I discover true fulfillment and purpose," she said.
In terms of technology's impact on her future job prospects, Katrina believes that certain elements integral to her creative process may not be replicated by AI. She notes that the distinct qualities, insights and creative approaches are what make people irreplaceable.
"When considering the impact of technology like AI on my future work, I anticipate that its influence might not be substantial. I hold a deep appreciation for the imaginative aspect of my craft, and I believe that certain elements integral to my creative process may not be adequately replicated by AI. I believe my individuality is something that technology can never replicate. Similarly, I think your uniqueness is also irreplaceable. Our distinct qualities, insights and creative approaches are what make us indispensable in our respective fields," she said.
"So, while technology may enhance certain aspects of our work, our personal uniqueness remains irreplaceable. I wish they rely on themselves, love themselves and pursue their dreams without being discouraged by negativity," she said.
Human creativity not to be replicated by AI: Belarusian art student
