LONDON Adidas Superstar Femme Pas Cher , June 20 (Xinhua) -- Bank of England (BOE) governor Mark Carney on Tuesday defended an earlier decision by the bank not to raise interest rate from the record low of 0.25 percent.
"Given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment," Carney told business leaders in his annual Mansion House speech.
The BOE's rate-setting Monetary Policy Committee (MPC) met last week and decided not to raise the bank rate from the record low set in August last year as a counter-stimulus to the expected deflationary pressures that Brexit would bring to the British economy.
"In the coming months, I would like to see the extent to which weaker consumption growth is offset by other components of demand, whether wages begin to firm, and more generally, how the economy reacts to the prospect of tighter financial conditions and the reality of Brexit negotiations," said the central bank governor.
British Consumer Price Index (CPI) touched 2.7 percent in May, continuing a rising trajectory that started after the Brexit referendum vote on June 23 last year.
The CPI inflation in May 2016 was 0.5 percent, but the rapid fall in sterling from 1.48 U.S. dollars on the day of the vote to 1.19 U.S. dollars has made imports and raw materials more expensive, fuelling the rapid rise in inflation.
Sterling traded down on Tuesday at 1.26 U.S. dollars, having lost as much as 1 percent against the dollar immediately as markets assessed Carney's speech.
Carney said that Brexit has affected central bank monetary policy, and would weigh on future growth and prosperity of the British economy.
"Since the prospect of Brexit emerged, financial markets, notably sterling, have marked down the UK's economic prospects," he said.
"Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU," he added.
Carney also defended the role of London as one of the major global financial hubs.
Carney's speech at the Mansion was an annual keynote speech on the direction of the British economy, and it had been delayed from last week because of the Grenfell Tower fire tragedy.
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BEIJING， March 11 (Xinhua) -- Some 2，100 years ago， or 1，600 years before Italian explorer Christopher Columbus found the New World， ancient Chinese General Zhang Qian braved a world of uncertainties to open up a trade route now known as the Silk Road.
Along the Silk Road and other networks linking up remote corners of the world， nations sharing the planet have marched a long way in global interconnection and reached unprecedented levels of development， while having also become more closely intertwined and interdependent than Zhang Qian could ever have imagined.
To deal with the numerous problems and uncertainties troubling today's world， China has decided to give greater scope to the time-honored Silk Road spirit and launched， among others， a modern-day land and maritime Silk Road initiative to promote win-win and shared development across the globe.
Underpinning Beijing's endeavors for global development and integration is the vision of building a community of shared future for mankind， which is championed by Chinese President Xi Jinping and， in the eyes of many， represents the ultimate goal of human development.
China will not close its open door， and will keep on opening up on all fronts， Xi reaffirmed at a panel discussion with Chinese lawmakers at the ongoing annual session of the National People's Congress (NPC).
"THE ONLY FUTURE FOR HUMANITY"
More than two millenniums after Zhang Qian blazed the international trail， isolationist and confrontational elements are still haunting the world， despite the enormous benefits globalization has brought to human development.
A sluggish global growth and widening development gaps are exacerbated by armed conflicts， Cold War mentality and power politics， and mixed with such non-conventional security threats as terrorism， major communicable diseases and climate change.
To ride out those numerous challenges and increasing risks， "China's proposition is: build a community of shared future for mankind and achieve shared and win-win development，" announced the Chinese president in a keynote speech at the UN Office at Geneva (UNOG) in January.
"To achieve this goal， the international community should promote partnership， security， growth， inter-civilization exchanges and the building of a sound ecosystem，" added the president.
In the government work report Chinese Premier Li Keqiang delivered at an NPC plenary on Sunday， Beijing declared once again that it stands ready to work with the international community to foster a new type of international relations with win-win cooperation at the core and make new contributions to the building of a community of shared future for mankind.
Xi's vision "is the only future for humanity on this planet，" said UN General Assembly President Peter Thomson in an interview with Xinhua.
Both Thomson and UN Secretary-General Antonio Guterres have pledged that the United Nations will work with China to promote world peace and development， and realize the goal of building a community of shared future for mankind.