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The following lists highlights from Chinese press reports on Friday:
- The Chinese yuan is expected to remain stable with no substantial depreciation or appreciation basis in the near term, as it is supported by an improving economy, normal monetary policy, and steady international balance of payments, the Economic Daily reported citing analysts. Regulators will continue to urge companies to manage FX risk by improving FX market transparency and increase market expectation guidance to keep the basic stability of the yuan at a reasonable and balanced level, the newspaper said citing a source from the State Administration of Foreign Exchange.
- The PBOC will continue to build a long-term system managing the real estate industry through stabilizing the prices of land, houses and market expectation, according to a report on the central bank's WeChat account. Loans to property companies and consumer mortgage lending have steadily declined after the authorities pressured banks to reduce the concentration of real estate-related business and direct the funds to support small businesses, manufacturing and innovation, the report read citing PBOC's direct of financial markets Zou Lan. Real estate lending slowed by 2.2 pp at the end of June from a year ago, according to the report.
- China is preemptively showing its bottom line ahead of the visit by U.S. Deputy Secretary of State Wendy Sherman by demanding the U.S. to stop inferring in its internal affairs and expressing its positions to guard its interests, the Global Times reported after an announcement by the Ministry of Foreign Affairs, which also said Minister and State Councillor Wang Yi will meet Sherman. A high-level meeting of this kind still underscores that a more stable China-U.S. relation will benefit the world, the newspaper said citing Diao Daming, a scholar at the Renmin University. If the U.S. brings up questions about Xinjiang and Hong Kong, it will be wasting its time, won't save the declining relationship and may damage cooperation on issues such as climate change, the newspaper said citing Lv Xiang, a researcher at the Chinese Academy of Social Sciences.