MNI China Press Digest May 11:Strong Yuan, Going Global, Biden

The following lists highlights from Chinese press reports on Tuesday:

• The Chinese Yuan will likely stay strong in the near term supported by trade surpluses and favorable interest spread against the U.S., the China Securities Journal said in a commentary. The yuan may not repeat the one-sided appreciation seen in H2 last year given the Federal Reserve's policy uncertainties, the newspaper said. The strong yuan attracted more foreign holding of yuan assets, with net purchase of yuan bonds reaching CNY130.8 billion in April, up from CNY51.4 billion in March, the journal said.
• The Chinese commodity derivatives industry should increase globalization and help to exert China's price-setting influence globally, the PBOC-run Financial News reported citing Fang Xinghai, a vice-chairman of the China Securities Regulatory Commission. Regulators should actively create conditions to help increase cross-border services and controls of global resources, allow commodity derivatives to service the real economy, and allow commodity trading firms to boost capital, Fang was cited saying.
• The Biden administration may be consumed by the disappointing April job report showing 266,000 new jobs added versus estimated more than 1 million, underlying a bumpy recovery, therefore hampering his goal of greater American leadership and stepping up competition with China, the Global Times said in an editorial. Biden doesn't appear to have a solution for the more fundamental problems, including growing economic inequality that exacerbates social divisions and that many services and low-paying jobs may have vanished due to the pandemic, said the tabloid owned by CCP's People's Daily.