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

Morphological diversity of single neurons in molecularly defined cell types.

Dendritic and axonal morphology reflects the input and output of neurons and is a defining feature of neuronal types1,2, yet our knowledge of its diversity remains limited. Here, to systematically examine complete single-neuron morphologies on a brain-wide scale, we established a pipeline encompassing sparse labelling, whole-brain imaging, reconstruction, registration and analysis. We fully reconstructed 1,741 neurons from cortex, claustrum, thalamus, striatum and other brain regions in mice. We identified 11 major projection neuron types with distinct morphological features and corresponding transcriptomic identities. Extensive projectional diversity was found within each of these major types, on the basis of which some types were clustered into more refined subtypes. This diversity follows a set of generalizable principles that govern long-range axonal projections at different levels, including molecular correspondence, divergent or convergent projection, axon termination pattern, regional specificity, topography, and individual cell variability. Although clear concordance with transcriptomic profiles is evident at the level of major projection type, fine-grained morphological diversity often does not readily correlate with transcriptomic subtypes derived from unsupervised clustering, highlighting the need for single-cell cross-modality studies. Overall, our study demonstrates the crucial need for quantitative description of complete single-cell anatomy in cell-type classification, as single-cell morphological diversity reveals a plethora of ways in which different cell types and their individual members may contribute to the configuration and function of their respective circuits

Channel waveguide lasers in Nd:GGG crystals fabricated by femtosecond laser inscription

Buried channel waveguides have been fabricated in Nd:GGG crystals by using the femtosecond laser inscription. The waveguides are confined between two filaments with propagation losses of 2.0 dB/cm. Stable continuous wave laser oscillation at ~1061 nm has been demonstrated at room temperature. Under 808 nm optical excitation, a pump threshold of 29 mW and a slope efficiency of 25% have been obtained

Assessing Numerical Simulation Methods for Reinforcement–Soil/Block Interactions in Geosynthetic-Reinforced Soil Structures

The purpose of this study is to assess effects of two different simulation methods (i.e., interfaces with a single spring-slider system and interfaces with double spring-slider systems) for interactions between reinforcement and the surrounding medium on the performances of geosynthetic-reinforced soil (GRS) structures when conducting numerical analyses. The fundamental difference between these two methods is the number of the spring-slider systems used to connect the nodes of structural elements simulating the geosynthetic reinforcement and the points of solid grids simulating the surrounding medium. Numerical simulation results of pull-out tests show that both methods reasonably predicted the pullout failure mode of the reinforcement embedded in the surrounding medium. However, the method using the interfaces with a single spring-slider system could not correctly predict the interface shear failure mode between the geosynthetics and surrounding medium. Further research shows that these two methods resulted in different predictions of the performance of GRS piers as compared with results of a laboratory load test. Numerical analyses show that a combination of interfaces with double spring-slider systems for reinforcement between facing blocks and interfaces with a single spring-slider system for reinforcement in soil resulted in the best performance prediction of the GRS structures as compared with the test results. This study also proposes and verifies an equivalent method for determining/converting the interface stiffness and strength parameters for these two methods

Spatiotemporal Evolution of Lakes under Rapid Urbanization: A Case Study in Wuhan, China

The impact of urbanization on lakes in the urban context has aroused continuous attention from the public. However, the long-term evolution of lakes in a certain megacity and the heterogeneity of the spatial relationship between related influencing factors and lake changes are rarely discussed. The evolution of 58 lakes in Wuhan, China from 1990 to 2019 was analyzed from three aspects of lake area, lake landscape, and lakefront ecology, respectively. The Multi-Scale Geographic Weighted Regression model (MGWR) was then used to analyze the impact of related influencing factors on lake area change. The investigation found that the total area of 58 lakes decreased by 15.3%. A worsening trend was found regarding lake landscape with the five landscape indexes of lakes dropping; in contrast, lakefront ecology saw a gradual recovery with variations in the remote sensing ecological index (RSEI) in the lakefront area. The MGWR regression results showed that, on the whole, the increase in Gross Domestic Product (GDP), RSEI in the lakefront area, precipitation, and humidity contributed to lake restoration. The growth of population and the proportion of impervious surface (IS) in the lakefront area had different effects on different lakes. Specifically, the increase in GDP and population in all downtown districts and two suburb districts promoted lake restoration (e.g., Wu Lake), while the increase in population in Jiangxia led to lake loss. The growth of RSEI in lakefront area promoted the restoration of most lakes. A higher proportion of IS in lakefront area normally resulted in more lake loss. However, in some cases, the growth of IS was caused by lake conservation, which contributed to lake restoration (e.g., Tangxun Lake). The study reveals the spatiotemporal evolution of multiple lakes in Wuhan and provides a useful reference for the government to formulate differentiated protection policies

Association between paraspinal muscle fat infiltration and regional kyphosis angle in thoracolumbar fracture patients: a retrospective study

Abstract This study aims to evaluate the impact of percutaneous pedicle screw fixation (PPSF) and open pedicle screw fixation (OPSF) on the postoperative paraspinal muscle fat infiltration (FI) rate in patients with thoracolumbar fractures through magnetic resonance imaging (MRI), and explore the association between paraspinal muscle FI rate and regional kyphosis angle. We retrospectively analyzed clinical data from 35 patients who underwent either PPSF or OPSF for thoracolumbar fractures, examining data at preoperative, 1-month postoperative, and 9-months postoperative time points, which included Visual Analog Scale (VAS), Oswestry Disability Index (ODI), and regional kyphosis angle. We obtained preoperative and 9-month postoperative paraspinal muscle FI rates using T2-weighted MRI images and ImageJ software. We analyzed the correlation of FI rates with VAS, ODI, as well as the correction loss percentage of regional kyphosis angle. The analysis revealed a positive correlation between postoperative FI rate increase and correction loss percentage of regional kyphosis angle (r = 0.696, p < 0.001). The increase in paraspinal muscle FI rate was positively correlated with 9-month postoperative ODI (r = 0.763, p < 0.001). These findings indicate that an increase in postoperative paraspinal muscle FI rate may result in more significant correction loss of regional kyphosis angle and can lead to increased functional impairment in patients