MNI China Press Digest, May 22: Huawei, China-U.S., PBOC

     BEIJING (MNI) - The following are highlights from Chinese press reports

Wednesday:

     Washington's actions against Chinese tech firm Huawei has highlighted the

need for China to be self-reliant in technology, the People's Daily said in a

commentary today. Only by developing key technologies and core equipment

independently, can China safeguard its national economic security, the paper

said.

     China has never given in on its core interests, so it is unreasonable for

the U.S. to accuse Beijing of "reneging" on trade promises, the People's Daily

in an op-ed piece today, noting it is the U.S. that has always been volatile in

trade talks. Washington's disregarding the facts and exerting extreme pressure

on China has seriously weighed on its international standing, which will not

help solve any problem, the paper said.

     The PBOC is planning a new sale of offshore yuan bonds, just one week after

it sold CNY20 billion of bills in Hong Kong on May 15, the Securities Daily said

citing a statement on the PBOC's Weibo account. Ongoing issuance of central bank

bills not only enriches yuan products in the Hong Kong market and adds a

liquidity management tool, but also helps to improve Hong Kong's yuan bond yield

curve and promote yuan internationalization, the PBOC's statement said.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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