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China’s interaction with the international financial system is driven by its growing economic importance in the world. However, China’s financial influence has been much under-presented compared with its economic power. This mismatch provides an opportunity for China to promote greater inclusiveness and better balance of power in global financial governance. The accelerated financial opening-up, exchange-rate flexibility, and deepened domestic reform also nourished the ambition of internationalization of the renminbi that would have impact on the global reserve currency system. This paper investigates the motivations behind China’s engagements with the international financial system, the approaches China adopted to achieve its goals, and the key domestic policies required for China to gain more weight in the global financial market.

This paper investigates the effects of the renminbi (RMB) exchange rate on trade prices and volumes in selected Belt and Road Initiative (BRI) countries in comparison with the effects of the US dollar. The stylized facts show that the RMB is underused in bilateral trade with selected BRI countries where intermediate goods dominate. By estimating the level of exchange rate pass‐through and trade volume elasticity, we find that the RMB is significantly correlated with the volume of imports in the sample countries, predicted by the producer currency pricing (PCP) paradigm. We also regroup intermediate and final goods between China and the BRI countries. The evidence shows that dollar fluctuation affects export volumes, reflecting the role of the US as a final goods destination, whereas the RMB exerts a significant impact on the volume of intermediate goods imported from China to the sample countries due to China's important position in global value chains.

The pathogenesis of hepatocellular carcinoma (HCC) can be divided into viral infection (VIR) and nonviral (NVIR) infection. Two types of HCC performed different tumor immune microenvironment (TIME) which directly affected prognosis of HCC. This study aimed to identify an effective 2 types of HCC prognostic gene signature that related to immune TIME. The differential expression genes (DEGs) were analyzed by Limma R package from the Cancer Genome Atlas. Immune related genes getting from IMMport database were matched to DEGs for testing prognosis. Prognostic index (PI) consisted of prognostic immune related genes was calculated in different types of HCC by COX regression and the correlation with the abundance of immune infiltrates, including 6 type cells, via gene modules. Tumor immune estimation resource database was applied to analyze TIME. Finally, the correlations between PI of DEGs and TIICs were analyzed by the Spearman method. Results showed that PI consisted of 11 messenger RNAs in VIR and 12 messenger RNAs in NVIR groups. The PI related to HCC prognosis has different correlations with immune infiltrating cells in VIR and NVIR groups. The PI value of DEGs has significant correlations with neutrophils (R = 0.22, P-value = .029) and dendritic (R = 0.21, P-value = .036) infiltration levels in VIR group. However, in NVIR group, the result showed there were no significant correlations between PI and other 5 type cell infiltration levels (P-value > .05). The 11-gene signature in VIR and 12-gene signature in NVIR group selected based on data from the Cancer Genome Atlas database had a different correlation with immune infiltrating cells of HCC patients.

We call for strengthening the Global Financial Safety Net (GFSN) to manage the economic effects of COVID‐19, in particular the massive capital outflows from emerging market and developing economies EMDEs and the global shortage of dollar liquidity. Both the United Nations (UN) and the International Monetary Fund (IMF) estimate that EMDEs need an immediate $2.5 trillion, yet the financing available to them is just $700 to $971 billion. To meet these immediate needs we propose to: (1) broaden the coverage of the Federal Reserve currency swaps; (2) issue at least $500 billion of special drawing rights through the IMF; (3) improve the IMF’s precautionary and emergency facilities; (4) establish a multilateral swap facility at the IMF; (5) increase the resources and geographic coverage of regional financial arrangements; (6) coordinate capital flow management measures; (7) initiate debt restructuring and relief initiatives; and (8) request that credit‐rating agencies stop making downgrades during the emergency. It argues that leaders should swiftly move to address these structural gaps in the GFSN: (1) agree on a quota reform at the IMF; (2) create an appropriate sovereign debt restructuring regime; (3) expand surveillance activity; and (4) adopt IMF governance reform and strengthen its relations with all agents of the GFSN. All of these reforms must be calibrated toward a just transition to a more stable, inclusive, and sustainable global economy.

We report the synthesis and luminescent properties of carbon dots whose peak fluorescence emission are independent of excitation wavelength. Meanwhile, varying the concentrations of carbon dots can achieve a shift in the emission wavelength. Detailed structural characterization and optical properties of carbon dots with different concentrations were studied. Particularly, the blue-shifted excitation-independent emission peaks were observed when the concentration of carbon dots decreased. The decreased fluorescent properties were considered to originate from the surface modification of carbon dots. Additionally, we investigated the third-order nonlinear optical responses of carbon dots with different concentrations by Z-scan technique with single 190 fs laser pulses at 532 nm. It was found that both samples exhibited positive nonlinear refractivity and negative nonlinear absorption coefficient in the fs regime. These tunable optical properties would provide more possibilities for the utility of carbon dots in optical devices.

The integrated and transparent sodium borosilicate glasses that contain copper exhibiting different colors, that is, red, green, and blue were synthesized by combining the sol-gel process and heat treatment in H2 gas. To reveal substantially the cause of different colors in the glass, X-ray diffraction (XRD), transmission electron microscopy (TEM) and high resolution TEM (HRTEM) were systematically applied to investigate and determine the microstructure of the doped matter. The results showed three different crystals had formed in the red, green and blue glass, and the sizes of these crystals were range from 9 to 34, 1 to 6, and 1 to 5 nm, respectively. The valence state of copper was further analyzed by X-ray photoelectron spectroscopy (XPS) and electron energy loss spectroscopy (EELS). The third-order nonlinear optical properties of the glasses were investigated by using Z-scan technique at the wavelength of 800 nm. Interestingly, the third-order nonlinear absorption of the red, green, and blue glass can be successfully controlled from reverse saturable absorption, no absorption to saturable absorption and the optical nonlinear susceptibility χ((3)) of the red, green and blue glass were estimated to be 6.4 × 10(-14), 1.6 × 10(-14), and 2.6 × 10(-14) esu in the single-pulse energy of 0.36 μJ, respectively.

Carbon dot (CD)-doped sodium borosilicate gel (CD-NBS gel) glasses were successfully prepared by incorporating the CDs into sodium borosilicate networks. The structural and luminescence properties of highly flexible CD-NBS gel glasses with 5% wt% to 70 wt% CDs were studied. Images of the CD-NBS gel glasses captured using a transmission electron microscope demonstrated the uniformity and good dispersibility of the glasses. Red-shifted emission and enhanced quantum efficiency were observed when the doping concentration of CDs in the NBS gel glasses increased. The enhanced fluorescence properties of the CD-NBS gel glasses were considered to originate from the surface modification of CDs with high dopant concentration in the gel glasses. CD-based white light-emitting diodes (W-LEDs) were developed by combining the yellow light-emitting CD-NBS gel glasses with blue GaN-based LED chips. The as-fabricated W-LEDs exhibited the optimised colour coordinates of (0.32, 0.33), the colour rendering index up to 78.9, and the maximum luminous efficacy exceeding 58.1 lm W−1 by the use of the CD-NBS gel glasses at different concentrations of CDs. These results indicate that this new kind of CD-NBS gel glass would be a promising candidate for W-LEDs.

Lead-nanoparticles-doped Na2O–B2O3–SiO2 (NBS) glass was prepared by sol–gel and atmosphere control methods. The formation mechanism and the microstructure of the specimens were investigated by differential thermal analysis and thermal gravimeter, X-ray diffraction, transmission electron microscopy, selected area electron diffraction, energy dispersive X-ray spectroscopy, and nitrogen adsorption measurements, respectively. The linear and nonlinear optical properties of the glass were analyzed by UV/VIS/NIR spectrophotometry and Z-scan technology. The results showed that the Pb nanoparticles in spherical shape with the average particle size about 18.9 nm belong to cubic crystal system and have good crystallinity and dispersibility in the glass matrix as well as exhibit excellent nonlinear optical properties. The specimen has a high linear optical transmittance, and little absorption peaks appear in the examined wavelength range. The third-order optical nonlinear parameters calculated are γ of 1.67 × 10−16 m2/W, β of 7.02 × 10−11 m/W, and χ(3) of 2.61 × 10−17 m2/W2.

The paper concentrates on the issue of currency convertibility in the context of Chinese strategy of the RMB internationalization. It argues that the motive for that strategy was ignited by China’s dissatisfaction with the long lasting unstable international monetary system. Recent global financial crisis intensified China’s urge to get rid of “dollar trap” and look for a diversified international reserve currency system where the Chinese yuan could take a place. The paper investigates the step-by-step approach from the trade settlement to more comprehensive policy measures. It also emphasizes the importance of domestic financial reforms for the RMB full convertibility, including flexible exchange rate, market determined interest rate and deepened domestic financial market.

The Scarlet Letter was written by Nathanial Hawthorne in 1850, with the background of seventeenth Century of the early American colonies, taking the tragic love between pastor Arthur Dimmesdale and a woman named Hester's as content, which revealed the dim of American law, and hypocrisy of religion. So this novel filled with the religion plot and conveyed the humanity feelings. This paper focuses on the symbolic technique to analyze The Scarlet Letter. By rethinking and criticizing the Puritanism, this paper wants to reveal the dark side of man nature and arouse readers ’thought on morality. Predecessor researchers analyzed The Scarlet Letter from the aspects of feminist, religion and moral. But this paper turn view, it analyze the novel from symbolic images technique. This paper consists of three parts. The first part introduces the author, including his background, study and work experience, and the influence of his novels. The second part introduces the symbolism, including its definition and effect. In the third part, in order to reveal the hypocrisy of the religious at that time, to reveal the rebellious spirit of women, I will interpret the symbolic images from three aspects: the nature, color, time. Through the analysis of the symbolic images, readers can find the deep meaning of the context, which can strengthen people’s understanding of the characters, scenes and the plot of the novel. This can promote the comprehensive understanding of this greatest novel.

Current international financial system is characterized by the global dollar standard where the US dollar plays an essential role in many aspects of international usages. This is particularly the case in Asia where the dollar remains as a major reserve, vehicle and anchor currency. The paper deals with the challenges of dollar over-reliance in the world in general and in Asia in particular, with emphasis on the fact that Asia being a creditor to the US has to cope with the problems and instability that the dollar standard brings about. Asia needs to have further regional financial integration and to strengthen regional financial cooperation supported by a strong institutional arrangement, a sound regional financial market and a collective regional monetary regime.

Our previous work suggests that the current congestion controls for cable networks are inadequate when network participants act strategically. A feedback control could result in greater utilization and fairness of cable networks. In order to design a controller for a network, an observer is needed to evaluate the current network state and traffic flows. This paper proposes an observer model and design for cable networks. The observer design is recast into an online traffic classification problem. Using dynamic network traffic phases observed through simulation, the network classifier is designed with a hidden Markov model to determine the network states.

The quality of service of a computer network is greatly affected by the behavior of its participants. This paper proposes and utilizes an analytic model to study cable network performance when its participants function strategically. The model is based on game theory, system theory, and probability theory. The cable network studied is considered a multi-agent system, and the performance is evaluated with several social welfare metrics. This theoretical study concludes that the overall network performance may degrade significantly and the desired quality of service set by network service providers may not be realizable when its network participants act independently.

The rise of China and its growing economic influence in the world has sparked consideration of the possibility of Chinese currency becoming internationalized. Although the renminbi (RMB) is currently far from being an international currency, its position internationally is steadily using. In the long term, the currency’s internationalization is not only likely but also desirable for China and for the rest of the world.

In this research work, authors propose an intelligent network monitoring and management tool for aircraft data network (ADN) to monitor and manage various on-board systems. This tool helps in visualizing a typical ADN network. It also provides live feed-back to both crew residing onboard and at the ground station. This tool consolidates all the information received from the ADN to provide live health status of the ADN to the user in the form of tables, graphs and charts. It also enables dynamic management of different resources like bandwidth, queuing delays etc to suit demands from subnets in an ADN. Furthermore, with the integration of behavioral algorithm, also developed by the researchers at Advanced Networking Research Center (ANRC) at Wichita State University, the network visualization tool is able to identify the anomalies in a typical aircraft data network, especially in the control network (CoN) and is able to reconfigure various components within the network to protect its integrity.

This paper investigates the RMB exchange rate from a long-run viewpoint. Whether China’s rapid economic growth brought about real exchange rate appreciation between 1975 and 2002 is empirically examined, based on a supply-side model, the Balassa–Semuelson Hypothesis (BSH). The same test is conducted on Japan, Hong Kong, Korea, Malaysia, Singapore, Thailand, the Philippines, Indonesia and India. Our result indicates that the BSH only exists where the industrial structure has been upgraded and the economy has been successfully transformed from an agricultural economy to a manufacturing economy. Interestingly, China, among those where the BSH does not present, appears to be upgrading its industrial and trade structure. We then try to answer the question of why past rapid growth has no significant relationship with the RMB real exchange rate and what factors are underlying the trend of the RMB real exchange rate. We expect an appreciating trend of RMB real exchange rate in the foreseeable future, presuming that China’s industrial upgrading process continues and the factors pertaining to the BSH’s prediction, such as rise of wage rates in both tradables and nontradables, become more significant.

This paper deals with the forward looking framework of policy dialogue and economic suveillance in East Asia, based on analysis of the necessities, constraints and difficulties, together with criteria for effective surveillance. It proposes a roadmap for strengthening the mechanisms for surveillance in East Asia, with the emphasis on defining different phases, designing possible approaches and identifying the key elements for better surveillance in the region. The study suggests that there should be three phases for forming strong institutionalised regional surveillance. It also discusses possible moves in the second phase with focus on the importance of specifying surveillance coverage and improving statistical infrastructure. The paper points out that the success of establishing a firmly instituionalised surveillance mechanism in East Asia, to a large extent, relies on a common understanding among the countries in the region on the following issues : the necessity of a common monetary regime, the vital importance of statistical infrastructure and the essential elements of political consideration.

Gold nanoparticles (Au NPs) doped monolithic and transparent sodium borosilicate glass has been synthesized by both sol-gel and atmosphere control heat treatment methods. Fourier transform infrared (FTIR) spectra in the wavenumber range of 400 to 4000 cm−1 were applied to collect variation information of surface groups of the samples in the sintering process. The microstructure of Au NPs in the glass was characterized by means of X-ray powder diffraction (XRD), transmission electron microscopy (TEM), and high-resolution TEM (HRTEM). Meanwhile, the linear optical properties of the glass were analyzed by UV-vis spectrometer between the wavelength of 300 and 1000 nm, and a broad absorption band around 600 nm was observed. The third-order nonlinear optical properties of the glass were investigated by using Z-scan technique at the wavelength of 800 nm, pulse duration of 190 fs, and repetition rate of 20 Hz. The glass showed saturable absorption and self-focusing nonlinear refraction, and the optical nonlinear susceptibility χ (3) was estimated to be 1.7 × 10−14 esu, with the single-pulse energy of 1 μJ.