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Illustration:/GTOpeninguptheCentralAsianmarketfortheyuanwouldnotonlybenefitChina,butalsoCentralAsiancountries,,oneoftive,liquidityintheglobalmarketwillshrink,,,leadingtoalargeamountofglobalcapitalflowsbacktotheWest,estmentsasmarginalinvestments,whichcanberegardedasasu,emergingmarketportfolioi,,therapidgrowthofemergingmarketportfolioinvest,theUSFederalReserveraisedinterestrates,,thereis"three-prongedpressure"intheUS,frominterestraterises,ashrinkingbalancesheet,,becausethiswillleadtodepreciationfornumerouscurrenciesinemergingmarkets,localresidentsandenterpriseswillbelesswillingtoholddomesti"currencysubstitution",thebestoptionistopromotelocalcurrencyinintern,theyuanhasbecomeanimportantchoice,,theyuancanoffernewoptionsforassetpreservationforcountriesworryingabouttheslumpintheirdomesticcurrencies,,whoseeconomyandpercapitaGDPrankthehighestinCentralAsia,thedepreciationofthelocalcurrency,theTenge,,theTenge'sexchangerateagainsttheUSdollarwasabout30,,($558million)ofitsforeignreservesinyuan-denominatedassets,greateruseo,Chinaannouncedthat100billionyuan($),theChinaDevelopmentBankandExport-ImportBankofChinawillsetupspeciallendingschemesworththeequivalentof250billionyuanand130billionyuan,respectively,,intradebetweenChina,KazakhstanandotherCentralAsiancountries,,ionoftheyuaninthesecountriesaremostlysubsidiarybankswithlimitedcapital,,,@

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China,Vaticanaresortingoutdetailsand'thereisnoissueofprinciple':professor??DialoguebetweenChinaandtheVaticanovertheestablishmentofdiplomaticrelationsseemstohavesloweddown,andexpertssaydifferenceinprioritiesandthetreatmentofexistingbishopshavecausedthedelay??Inthemeantime,CatholicsaredebatingwhethertheCatholicChurchinChinashouldembracesign:CFPTheCatholicChurchhastoestablisha"ChineseCatholicChurchwithChineseCharacteristics"andacceptChineseculture,includingCommunistideology,ifithopestoreachalargerChineseaudience,anarticlepublishedlastmonthwiththeapprovaloftheVatican'sSecretariatofStatesaid."AslongastheChineseCommunistPartyistheonlyleadingpartyinthegovernment,,theChineseCatholicChurchwillhavetoredefineitsroleandrelationshipwiththePartyanditsideologicaltheories,"FatherJosephYouGuoJiang,,aRome-basedperiodicalwhosearticlesaredirectlyrevisedbytheSecretariatofStateoftheHolySeebeforebeingpublished."ThisdoesnotnecessarilymeanthattheChurchhastoagreecompletelywithPartypoliticsandvalues,butitmustfindaflexibleandeffectivewaytocontinueitsmissionandministryinChina,"yheldbyChina'onofsignification,,thearticlealsoencouragedtheChurchtousedigitaltechnologyandsocialmedia,suchasWeChatandWeibo,toevang'sarticlehasbeenseenbymanyasrepr'salsoasignalofgoodwillamidtheongoingChina-Vaticandialogueonforgingdiplomaticrelations,theprogressofwhichseemstohavesloweddowninrecentmonths."IthinkitisaveryimportantarticlebecauseitsignalsanotherstepforwardafterPopeBenedict's2007lettertotheChinese,"FrancescoSisci,aseniorresearcherattheCenterofEuropeanStudiesattheRenminUniversityofChinaandaVaticanaffairsexpert,toldtheGlobalTimes,referringtotheletterthatattemptedtobringanewchaptertotherelationshipbetweentheVaticanandChina."Whilethe2007letteropenedupcollaborationwiththeChinesegovernment,ina,butsaysalsothattheChurchcan'tbeaninstrumentofanygovernment,",itwasreportedthatdialoguebetweenChinaandth,twoChinesebishopsrecognizedbytheHolySeewereordainedinChina,ue,sarestillgoingon,andtherehasbeenprogress."However,therearem,fortheVatican,andStateprerogatives,,butthesedetailsaremanyanddelicate,",aBelgianpriestclosetotheChurchinChinaandRome,saidthatthedifferentprioritiesofChinaandtheVaticanmayhaveledtodifferentexpectationsandmisunderstanding,whichmighthavesloweddownthedialogue."ThosefromRome??State,notthe'headoftheHolySee.'Theirprioritiesinthenegotiationslieperhapsmoreinthediplomaticfield,differentfromthoseoftheHolySee,",aCatholicnewsagency,saidinanarticlelastmonththatmultiplesourcesintheCatholicChurchhavesaidthattheHolySeeisnotseekingdiplomaticrelationswithChina,relations."FromwhatIheard,thetwoside,"WangMeixiu,aresearchfellowattheChineseAcademyofSocialSciences,handhavereceivedpapal,butnotgovernment,r,itsdistrustofsomeundergroundbishops-thosewhoarerecognizedbytheVaticanbutnotbytheChineseauthorities-isobvious,,undergroundbishopPeterShaoZhuminofWenzhou,,theVaticanissuedastatementonthesituation,sayingtheHolySeewas"profoundlysaddenedforthisandothersimilarepisodesthatunfortunatelydonotfacilitatewaysofunderstanding."Taiwanisalsoafactorthatisbelievedtobepartofthedialogue,especiallyafterPanamaannouncedthatitha,andtheonlyoneinEurope,,someTaiwanresidentshavehopedfor"dualrecognition,"whichwouldallowtheVaticantorecognizeboththeChinesemainlandandTaiwan."SuchdualdiplomaticrecognitionofbothTaipeiandBeijingwouldentailembracingChineseandnotabandoningthe23millionTaiwanese,",andifdiplomaticrelationsaretobeestablished,theVaticanwillhavetocutitstieswithTaiwan."Generally,theTaiwanquestionisn'tatthecenterofnegotiations,"ahotdebateamongCatholicsregardingtheChurch'sChinastrategynowadays:doesitwanttoChristianizeChinaorsinicizetheCatholicChurchinChinaChinahasbeentighteningitsmanagementofreligionssince2014,andChinesereligiousauthoritieshavesaidthecountryshouldsinicizereligionssoastohelppreventhostileforeignforcesfromalteringChina',theStateAdministrationforReligiousAffairsorganizeda6-daytrainingcourseinBeijingattendedbyover150ProtestantChristiansfromacrossthecountry,,SichuanProvinceinMarch,whichwasattendedbyprovincialethnicaffairsofficialsand60bishops,priestsandsistersintheparish,coursesweregivenunderthethemeof"promotingsinificationofCatholicisminSichuan."BishopsPaulLeiShiyinandPeterLuoXuegangbothmadesp,AnhuiProvince,over300Catholicsattendedanightgalaunderthethemeof"sinificationofCatholicism,"duringwhichChristiansperformedtraditionalChinese"localization"soastobetterapproachthelocalcommunity,buttheideaofsinification,whichsoundsmorepolitical,urchandundermineitsrelationshipwiththeHolySee."ThatcallsforflexibilitybutatthesametimetheChurchwantstobefai,alsoinChinatoday,"FatherHeyndrickxsaid.",,"",orwalkwithtwolegs:aChineselegandalegoftheunitywiththeUniversalChurch??Certainlythispositionwillfindalotofproblemsinitsapplication,butwithreasonableattitudeonbothsides,oncetheprincipleisaccepted,solutionstothemanyconcreteproblemscanbefoundmoreeasily."Newspaperheadline:Faithfulflexibility

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Illustration:/GTOpeninguptheCentralAsianmarketfortheyuanwouldnotonlybenefitChina,butalsoCentralAsiancountries,,oneoftive,liquidityintheglobalmarketwillshrink,,,leadingtoalargeamountofglobalcapitalflowsbacktotheWest,estmentsasmarginalinvestments,whichcanberegardedasasu,emergingmarketportfolioi,,therapidgrowthofemergingmarketportfolioinvest,theUSFederalReserveraisedinterestrates,,thereis"three-prongedpressure"intheUS,frominterestraterises,ashrinkingbalancesheet,,becausethiswillleadtodepreciationfornumerouscurrenciesinemergingmarkets,localresidentsandenterpriseswillbelesswillingtoholddomesti"currencysubstitution",thebestoptionistopromotelocalcurrencyinintern,theyuanhasbecomeanimportantchoice,,theyuancanoffernewoptionsforassetpreservationforcountriesworryingabouttheslumpintheirdomesticcurrencies,,whoseeconomyandpercapitaGDPrankthehighestinCentralAsia,thedepreciationofthelocalcurrency,theTenge,,theTenge'sexchangerateagainsttheUSdollarwasabout30,,($558million)ofitsforeignreservesinyuan-denominatedassets,greateruseo,Chinaannouncedthat100billionyuan($),theChinaDevelopmentBankandExport-ImportBankofChinawillsetupspeciallendingschemesworththeequivalentof250billionyuanand130billionyuan,respectively,,intradebetweenChina,KazakhstanandotherCentralAsiancountries,,ionoftheyuaninthesecountriesaremostlysubsidiarybankswithlimitedcapital,,,@

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