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chinadaily.com.cn 2023-05-22 18:02


> Hundreds of pounds of pasta dumped near New Jersey stream



Authorities in a central New Jersey town say they are no longer noodling over the mystery of how hundreds of pounds of pasta were dumped near a stream.


Old Bridge Mayor Owen Henry said on May 5 that the spaghetti and macaroni was cleaned up last week by public works crews, shortly after officials learned about the oodles of noodles that quickly drew national attention when photos of the pasta were posted on social media.


The estimated 500 pounds (225 kilograms) of pasta were apparently raw when it was dumped, but subsequent heavy rains softened the food and made the mounds look like they had been cooked, officials said.


It's unclear who dumped the pasta there or why, but they believe the pasta had not been at the site for long before it was discovered.


> RMB records rapid growth in cross-border settlement

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. [Photo/Xinhua]


Cross-border settlement of the Chinese currency renminbi, or the yuan, registered rapid growth during the first quarter of this year, continuing to expand its globalization process, CCTV reported.


In Northeast China's Heilongjiang province, Mudanjiang city saw cross-border RMB settlement increase 240 percent year-on-year in the first quarter; while in Central China's Hunan province, Zhuzhou city's cross-border RMB receipts and payments reached a nearly eight-year high.


In South China's Guangdong province, cross-border RMB settlement stood at 1.67 trillion yuan in the first three months, accounting for 51.6 percent of total local and foreign currency settlement. RMB settlement surpassed other currencies for the first time.


Besides cross-border settlement and payment, RMB also showcases its strength in cross-border investment and financing.


Low financing cost is the core strength for lending RMB directly from overseas.


Last year, due to high inflation in some major economies, the dollar index rose to a new 20-year high, while the euro and the pound recorded new lows.


Rate hikes from major economies brought high overseas financing costs, Luo Jun, general manager of the financial assets department under China General Nuclear Power Corp, told CCTV, adding that RMB financing cost is relatively lower, which can help enterprises reduce financing costs and go global.


Guan Tao, global chief economist of BOC International, said overseas demand for RMB, as a financing currency, is increasing.


Based on statistics from the Society for Worldwide Interbank Financial Telecommunication, a global provider of financial messaging services, RMB's share in cross-border trade financing stood at 4.5 percent in February, compared with less than 2 percent in the same period last year.


China's sound economic growth offered strong support for RMB globalization, attracting more foreign investors.


Meanwhile, China's prudent monetary policy has maintained basic stability in the economy, finance and RMB.


Overall, the market is confident about RMB, said Tu Yonghong, deputy director of the International Monetary Institute at Renmin University of China.


Over the past decade, the exchange fluctuations of RMB were the smallest among the seven major currencies, with the character of a safe haven currency. Thus, more investors, including companies and individuals, are willing to accept renminbi, Tu added.

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