How Far Can Renminbi Internationalization Go?

Since the formal launch of the renminbi trade settlement scheme in 2009, renminbi internationalization has made impressive inroads. The progress in renminbi trade settlement is especially impressive. However, Hong Kong, China's offshore renminbi deposits failed to make significant progress as expected. The question of how far renminbi internationalization can go has become a common concern in the international financial community. This paper argues that while a contributing factor is the sheer size of the People's Republic of China's (PRC) trade and the convenience of using the renminbi for transaction settlements, exchange rate arbitrage and interest rate arbitrage matter also. Profits from arbitrages are the major driving forces of, but do not constitute a sustainable basis for, internationalization. A fundamental constraint for renminbi internationalization is the PRC's capital controls. Before fully opening up its capital account and making the renminbi freely convertible, however, the PRC needs first to put its own house in order. Macroeconomic stability has to be achieved; the high ratio of financial leverage should be reduced; a rational and flexible interest rate structure must be created; and risk management capacity across industries should be established. Most importantly, the PRC must make the renminbi exchange rate flexible to reflect demand for and supply of foreign exchange in the market. The renminbi can and will become a major international currency eventually, but the road to internationalization is bound to be long and bumpy

Comparative Research of Extra-large-span Cable-stayed Bridge with Steel Truss Girder and Steel Box Girder

To research structural performance of extra-large-span cable-stayed bridge under different section forms, with the engineering background of a 800m main-span cable-stayed bridge with steel truss girder, the cable-stayed bridge with steel box girder is designed according to the current bridge regulations when two bridges are designed in an ultimate state of the carrying capacity, so the maximum stress and minimum stress of the stress envelope diagram are substantially the same. A comprehensive comparison is given to two types of bridge on the aspect of static force, natural vibration frequency, stability, economic performance and so on. Analysis results provide future reference for the large-span cable-stayed bridge to select between the steel truss girder and the steel box girder

Comparative Research of Extra-large-span Cable-stayed Bridge with Steel Truss Girder and Steel Box Girder

To research structural performance of extra-large-span cable-stayed bridge under different section forms, with the engineering background of a 800m main-span cable-stayed bridge with steel truss girder, the cable-stayed bridge with steel box girder is designed according to the current bridge regulations when two bridges are designed in an ultimate state of the carrying capacity, so the maximum stress and minimum stress of the stress envelope diagram are substantially the same. A comprehensive comparison is given to two types of bridge on the aspect of static force, natural vibration frequency, stability, economic performance and so on. Analysis results provide future reference for the large-span cable-stayed bridge to select between the steel truss girder and the steel box girder

Comparative Research of Extra-large-span Cable-stayed Bridge with Steel Truss Girder and Steel Box Girder

To research structural performance of extra-large-span cable-stayed bridge under different section forms, with the engineering background of a 800m main-span cable-stayed bridge with steel truss girder, the cable-stayed bridge with steel box girder is designed according to the current bridge regulations when two bridges are designed in an ultimate state of the carrying capacity, so the maximum stress and minimum stress of the stress envelope diagram are substantially the same. A comprehensive comparison is given to two types of bridge on the aspect of static force, natural vibration frequency, stability, economic performance and so on. Analysis results provide future reference for the large-span cable-stayed bridge to select between the steel truss girder and the steel box girder

Data-Enabled Tire-Road Friction Estimation Based on Explainable Dynamics Mechanism under Straight Stationary Driving Maneuvers

The tire-road friction coefficient (TRFC) is the critical parameter that significantly improves the control performance of distributed electric vehicles. Nonetheless, achieving precise TRFC estimation during straight stationary driving maneuvers, characterized by constant longitudinal speed (e.g., where the longitudinal acceleration is nearly zero) on a straight road, poses a particularly formidable challenge. In the paper, we propose a new learning strategy that leverages multi-domain fusion feature extraction in both the time domain and time-frequency domain to estimate the TRFC during straight stationary driving maneuvers. Specifically, the frequency response function of the in-wheel-motor-drive system first is inferred from the longitudinal dynamics model and single wheel dynamics model. Then, the input selection of learning strategy is determined through frequency response characteristics analysis and explainable dynamics mechanism. In addition, a parallel spatial-temporal convolutional neural network (PSTCNN) is built to extract features in both the time domain and in the time-frequency domain, respectively. Finally, the TRFC learning strategy is verified by experimental tests on different road surfaces. Our results demonstrate that the proposed methodology is capable of estimating the TRFC with a lower error than the traditional learning-based method and the classical slip-slope method.</p