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An upward revision to the institutional framework assessment by even one category provides a very strong and systematic uplift to the credit profiles of provincial governments, as the institutional framework carries significant weightage, according to Liu.

And both of them are fans of the book, The Glory and the Dream: A Narrative History of America, 1932-1972, written by US historian William Manchester.

Analysts said the measures may refer to some fine-tuning of monetary policy in the future, although the current "prudent and neutral" monetary policy remained unchanged in the report.Any fine-tuning will focus on "hedging against external uncertainties and possible credit crunches in some areas, and strengthening support of the real economy such as for small and microsized enterprises", said the central bank. In the meantime, the leveraging level or the debt ratio should be controlled without resorting to a strong stimulus via monetary easing.An uncertain global economic outlook accompanied by escalated trade tension could further drive investors' risk aversion and lead to a retreat of investment, said the central bank report."Measures should be taken to closely monitor capital outflows, such as re-evaluating some overseas development projects of State-owned enterprises," said Zhang Lianqi, a member of the Chinese People's Political Consultative Conference National Committee and a partner of Ruihua Certified Public Accountants.On Friday, the Turkish lira plunged 23 percent to a record low against the US dollar. The turmoil also put the euro under pressure when global investors expressed concern over the risk exposure of European banks－major lenders to Turkey. The Russian rouble also weakened 1.5 percent against the dollar.Amid exchange rate fluctuations in emerging markets, the US dollar index reached the highest level seen in more than a year.China's foreign exchange market is less likely to suffer "direct contagion" from the plunging Turkish currency, but a sharply strengthened US dollar may add depreciation pressure on the renminbi, said Guan Tao, former director of the international payments department of the State Administration of Foreign Exchange.According to the central bank, the renminbi weakened 5 percent against the US dollar in the second quarter, offsetting its 3.9 percent appreciation in the first three months.Yu Yongding, an economist with the Chinese Academy of Social Sciences, also warned at a forum over the weekend to watch out for capital outflows given the backdrop of some emerging markets' currency turmoil. Yu added that a sharp depreciation of the renminbi is unlikely.Chinese banks have recently accelerated issuance of new loans, especially those supporting infrastructure construction, said a statement from the country's financial sector watchdog.In July, banks authorized 172.4 billion yuan (.18 billion) in renminbi loans for infrastructure construction projects, 46.9 billion yuan more than in June, according to the China Banking and Insurance Regulatory Commission.According to preliminary statistics from the CBIRC, total newly issued renminbi loans stood at 1.45 trillion yuan last month, up 623.7 billion yuan compared with a year earlier. But the figure was still lower than June's new loans of 1.84 trillion yuan, said the commission.

Angel Saz-Carranza, director of the ESADE Center for Global Economy and Geopolitics, said the growing threat of protectionism in recent times has made open and collaborative China-EU relations more important. He urged the two governments to work on establishing further clarity in investment rules.

And so he chose tea, to be "impactful".