The coast guards from China and Russia conducted joint drills on Wednesday in the waters near the Peter the Great Gulf of Russia to test their capability in coping with maritime security risks.
The drills, not targeting any third party, centered on addressing security threats during maritime law enforcement and improving search and rescue capabilities.
Drills under scenarios including joint vessel searches, intercepting and inspecting suspected criminal vessels, rescuing individuals overboard, and assisting with vessels on fire were carried out, to assess the collaborative capabilities of China and Russia's coast guards in maintaining maritime security.
"Overall, the exercise was successful and achieved the intended outcomes. Joint law enforcement capabilities and rescue plans were tested during the drills, which enhanced mutual trust between the two sides, and laid a solid foundation for future cooperation in maintaining maritime security and production order," said He Feng member from the China Coast Guard (CCG).
Chinese, Russian coast guards hold joint drills
The U.S. Federal Reserve's 25 basis point cut on Thursday aligns with market expectations, said Li Fuyi, associate researcher at Institute for Foreign Economic Studies under the Academy of Macroeconomic Research.
The Fed on Thursday slashed interest rates by 25 basis points amid cooling inflation and a weakening labor market, marking the second rate cut in this easing cycle.
Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee's 2 percent objective but remains somewhat elevated, the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
"From a policy perspective, the 50 basis point cut in September was a more precautionary move, aimed at preventing the policy from lagging too far behind developments. Moving forward, the rate cuts should slow and follow a more gradual pace, allowing enough room for policy adjustments. The Fed would lower rates by another 50 basis points by the end of the year, so the November 25 basis point cut aligns with market expectations. In terms of economic data, Fed policy mainly responds to changes in employment and inflation," Li explained the interest rate cut.
"Currently, U.S. inflation is gradually approaching the Fed's 2 percent objective. For instance, the initial core PCE figure for the third quarter was 2.2 percent. At the same time, the labor market is roughly in line with the Fed's full employment target range. In this situation, there is no urgent need for a major rate cut. A moderate rate cut also avoids overly pessimistic market interpretations of the current economic situation. This approach is an optimal solution for the Fed's delicate balance between curbing inflation and avoiding economic cooling," she said.
US Fed's 25 basis point cut aligns with market expectations: expert