On the other hand,上海会所he past, the Fed now has t

to take the delayed effect of balance sheet reduction conducted earlier into its consideration of rate cuts. The current phase-out of balanc

上海会所e sheet reduction already has some easing effect, and only after the balance sheet reduction ends in September, can its impact become clearer.

By incorporating that impact into consideration, the Fed can draw up a better rate cut plan that maximizes effects of the policy mix.上海会所

Thirdly, the market may have overestimated how much the Fed will cut the rates. There may be no more than three rate cuts by the end of 2020.

St. Louis Fed President James Bullard – the major advocate of this

round of rate cut – has suggested the use of the modern-day Taylor rule, which fairly well explains th上海会所

e Fed’s interest rate decisions. Even based on this model adopted by dovish Fed officials, we found that the degree of rate cuts may be weaker than m

上海会所arket expectation for quite some time going forward: at most one cut by the end of this year and likely two or three cuts by the end of 2020.

By contrast, before the June FOMC meeting, the market expected a higher-than-85-percent chance of more than one rate cut by the

end of this year as well as an about 60-percent chance of more than three cuts by the end of 2020, according to Bloomberg data.上海会所品茶微信

In conclusion, we think as economic downside pressure gradually emerges, the Fed will have to kick off the rate cut cycle. But the rate cut si上海会所品茶微信

gnal, timing and degree may not measure up to the market expectation. Therefore, two future developments appear possible:

First, investor sentiment can reverse drastically if the Fed’s action fails to meet market expec上海会所品茶微信

tation. Considering the market has fully priced in the unrealistic expectation of rate cuts sinc

e early June, any reversal of expectation can lead to short-term fluctuations of key price signals such as the US Treasury yield cu

rve, the US Dollar Index, and the gold price, which may pose extensive spillover shocks to asset portfolios.

Second, the long-term trend of rate cuts will continue even if the market expectation reverses. In the long

run, the Fed is expected to proceed with rate cuts in a fairly slow and smooth way. This will enlarge the monetary policy room of ot

her major economies and expedite the shift toward an easing global monetary environment, which may in turn lift the sen

timent of global stock markets and ease any currency risk of emerging markets gradually.

Cheng Shi is the managing director, head of research and chief economist of ICBC Interna

tional Holdings Ltd.Qian Zhijun is a senior economist of ICBC International Holdings Ltd.

chitudoudemao.cn

funk rock band, has captivated the audience with their

This song is even older than some of the people who are watching the show,” the bassist Ou says in the sho

上海419论坛w. “Witnessing the evolution of Chinese rock music is a fascinating experience. We are proud that we are part of it as The Face.”

Western rock music first gained popularity in China in the 1980s with a performance given by the rock singer-songwriter Cui Jian on May 9, 1986, during a concert at Beijing Workers’ Stadium. At the packed venue, the then 25-year上海419论坛

-old Cui performed his most well-known song, Nothing to My Name, which opened a chapter in China’s rock music story at a time when few Chinese knew what rock ‘n’ roll was.

上海419论坛品茶微信The song also marked the start of a journey that would later make Cui China’s godfather of rock ‘n’ roll. It also ushered in a go

lden era of original Chinese rock bands influenced by the Western music genre and expressing themselves in their mother tongue. The first

rock bands included the heavy metal band Tang Dynasty, founded in 1988, the pop-rock band Black Panther, formed in 1987, and The Face.上海419论坛

“Material possessions like big houses and fast cars were the last things on our mind,” Ou says. “Instead, we were hungry for roc

k music and found any possible way to get the latest music from Western bands. Compared with young bands today, we had few opportunities to perfo

rm onstage because the audiences were smaller and there were few live house venues. But we were very happy because we truly loved the music.”上海419论坛品茶微信

In 1994 Ou, then 23, performed as a bassist at the Chinese Rock Power concert at the Hong Kong Arena. Bringing toget

her He Yong, Dou Wei, the former lead vocalist of Black Panther, Zhang Chu and Tang Dynasty, the concert was the first showcase for musicians from

the mainland to perform in Hong Kong. It stunned Hong 上海419论坛Kong audiences and created the momentum for a wave of rock music to wash across the country.

“Looking back, those legendary musicians and their works are still inspiring for the young

bands,” Ou says. “They shaped the golden era of China’s rock music. The band members are different people and enjoy different m

usic styles. They come together and contribute t上海419论坛品茶微信o the band as one person. That’s the most interesting part of being in a band.”

Then with the birth of Modern Sky, one of the country’s biggest indie labels, which former rock singer-songwriter Shen Lihui

founded in 1997 in Beijing as a way to distribute both his own and his friends’ music, more and more indie band

s emerged in the country while developing the上海419论坛品茶微信ir own unique styles. The punk-rock band New Pants, the pop-rock band

Queen Sea Big Shark and the heavy rock band Miserable Faith were among the most-watched bands then.

www.sh419kk.com

The DPRK spoke hig上海419论坛品茶微信ignificant role in the pr

he process of add上海419论坛品茶微信ressing the peninsula issue, Kim said, adding that the DPRK would like to enhance

communication and coordination with China to promote a political resolution of the peninsula issue.

During the talks, Xi and Kim agreed that the two countries should remain true to their original aspirations, join hands in mo

ving forwar上海419论坛d and create a better future for the two parties and the two countries.

Xi pointed out that he had held four meetings with Kim since last year, during which the two lead

ers wrote new chapters in China-DPRK relations and forged a deep friendship.

Xi expressed gratitude for the grand and warm welcoming ceremony hosted by Kim, saying that he could feel the deep feelings

between the two countries everywhere, from his landing at the airport until his arrival at where he will stay.

mxhehuoren.cn

Hailing the progress made上海419论女神会所坛ntries in bui

 an Asian com上海419论女神会所坛munity with a shared future in the past few years, Xi encouraged CICA me

mbers to hold on to their goals, jointly seize opportunities and address challenges, and make concerted efforts in opening up ne

w prospects for Asian security and development under the new circumstances.

Building a prosperous Asia is a shared aspiration of Asian countries, a

nd development is the key to all problems, Xi said, adding that CICA members shoul

d work together to promote trade and investment liberalization and facilitation, and ink regional integration doc

uments such as Regional Comprehensive Economic Partnership at an early date.

Building an open and inclusive Asia is a common pursuit of Asian countries, said Xi. He urged CICA members to well imple

ment the consensus reached at the Conference on Dialogue of Asian Civilizations held in May in Beijing, and devel

op a vision of civilizations based on equality, mutual learning, dialogue and inclusiveness.

ever-spring.org

Second patient dies of 上海419论坛女神会所 re seen as they i

The grandmot上海419论坛女神会所 her of the 5-year old boy who was the fir

st confirmed case of Ebola in Uganda has also succumbed to the deadly disease whi

le undergoing treatment in Uganda, the World Health Organization said on Thursday.

The news has sent shock waves through the region because the virus ha

s jumped from the eastern part of Democratic Republic of Congo, where health or

anizations have been battling to contain an epidemic for the past 10 months.

A three-year old boy, a relative to the two deceased, is still alive and

undergoing treatment at Bwera Hospital Ebola treatm

ent unit in western Uganda. The Health Ministry said in a statement that the th

ree were in a group that crossed over to Uganda through the western border post at Bwera.

wedding-gowns-whoLesaLe.com

Lam said the SAR government would make human rig

ghts safegu上海419论坛女神会所ards of the bill legally binding and would regularly report to the legislature implementation of the bill after it is passed.

Other heavyweights also expressed their strong disapproval of some protesters’ conduct.

Chief Secretary for Administration Matthew Cheung Kin-chung condemned the violence. He said the g

overnment would continue to attentively and humbly listen to public opinion on the amendments.

Commissioner of Police Stephen Lo Wai-chung strongly condemned the conduct of demonstrators and underlined the police

will follow up on cases and identify the law-breakers who disguised themselves by wearing masks.

In a statement responding to the incident issued on Monday morni

ng, the non-official members of the Executive Council, an organ for assisting the chief execu

tive in policymaking, expressed regret over the violent acts of a small minority of protesters.

clevru.cn

Minister General Wei Fenghe speaks at the Shangri-La Dialo

The People’s Liberation Army will adamantly support regional and world peace, but will not be

“bullied or preyed upon” by foreign powers into giving up national sovereignty and legitimate int

erests, State Councilor and Defense Minister General Wei Fenghe said on Sunday in Singapore.

Experts said Wei’s speech at the Shangri-La Dialogue, a key defense summ

it, marked a milestone in Chinese military diplomacy as Wei showcased the PLA’s confide

nce, positions on key issues and its sincerity and willingness to exchange and cooperate with other countries.

It is the first time in eight years that a Chinese defense minister has participated in the event.

Building a community with a shared future for mankind is the right path forward an

d the trend of the times amid growing uncertainty and instability around the world, he said.

www.zsdbv.cn

So by holding lectures, conducting dialogues and screen

ning movies related to the countryside and contributed by guest authors, the region’s local literary legacy can both be re-examined and extended.

Many modern and contemporary works of Chinese literature touch on common rural issues – childhood upbringing, family inheritance and people’s exp

erience of being stuck on the bottom rung of society – that have been rooted in Chinese farming culture for thousands of years.

China’s urbanization has been rapidly progressing to the extent that rural life has become

something unfamiliar to the majority of the population, which is very different from what it was like just three de

cades ago, according to Ge Fei, author and a Chinese literature professor at Tsinghua University in Beijing.

He was rst day of the festival, interpreting what it means to us when rural societies fade away.

qianpadae.com

So by holding lectures, conducting dialogues and screen

ning movies related to the countryside and contributed by guest authors, the region’s local literary legacy can both be re-examined and extended.

Many modern and contemporary works of Chinese literature touch on common rural issues – childhood upbringing, family inheritance and people’s exp

erience of being stuck on the bottom rung of society – that have been rooted in Chinese farming culture for thousands of years.

China’s urbanization has been rapidly progressing to the extent that rural life has become

something unfamiliar to the majority of the population, which is very different from what it was like just three de

cades ago, according to Ge Fei, author and a Chinese literature professor at Tsinghua University in Beijing.

He was rst day of the festival, interpreting what it means to us when rural societies fade away.

qianpadae.com

“I think there are advantages and opportunities on b

oth sides if we can get people to sit down and really look at how do we put these pieces together,” Holden said.

He listed infrastructure, energy, education and business-to-business relationships as potential areas of coope

ration between China and the US, and he suggested such cooperation could start from subnational bilateral exchanges.

“It’s so important to be working at the state and local level. Because in that fashion, by buildin

g these relationships now, hopefully we get a more stable relationship nationally going forward,” said H

olden.hina’s relevant government department decided to open an investigation into US shipping company Fed

Ex, for suspected infringement of Chinese customers’ legitimate rights and relevant laws and regulations.

www.jvuau.cn