An Analysis about the Structural Risks of China’s Foreign Exchange Reserves and Balance of Payments

Firstly, this paper designs several Balance of Payments in light of its principle on each case to prove that there are no structural risks in China's foreign exchange reserves when FDI inflow has been increased greatly. Then, through the analysis of China's real Balance of Payments, the author finds out that the ratio of manufacturing commodities is low and that of processing goods is high in our country’s foreign trade and advocates there are the risks according to the fact which means the trade is controlled by FDI on some degrees. Finally, because so much short run capital is flowing into our country due to the expectation of RMB appreciation which increased the China's foreign exchange reserves enormously, the paper takes its uncertainty for the risks too. Needless to say，the only way to get rid of these risks is to strengthen our contrary's economic power which can protect our economic sovereignty and match the value of RMB. Keywords: Balance of Payments, Foreign Exchange Reserves, FDI (Foreign Direct Investment）, Structural Risks Résumé cet essai élabore d’abord, d’après le principe d’élaboration du balance des paiements international, des balances dans toutes les situations pour argumenter le fait que l’augmentation des investissements directs des étrangers ne constituent pas de risques organisationnels pour la réserve de devises de notre pays. Ensuite selon l’analyse des balances internationaux des dernières années, il révèle que dans le commerce international de notre pays les produits finis occupent un petit pourcentage alors que le commerce pratiqué par les étrangers prend une bonne part. Ainsi l’auteur pense que le commerce international chinois- locomotive de la croissance économique- est limité et que cela constitue un danger latent pour les recettes de devises. Enfin, l’article argumente le point de vue que dans le contexte de la revalorisation de RMB depuis les dernières années, l’augmentation forte de la réserve de devises à cause de l’entrée dans notre pays un grand nombre de capitaux instables à court terme est aussi un facteur de non-sécurité pour la réserve de devises. Sans aucun doute, afin d’éliminer ces dangers, on doit renforcer sans cesse la puissance économique de notre pays, assurer notre souveraineté économique et faire égaler notre puissance économique et la valeur de RMB. Mots-clés: recettes et dépenses internationales, réserve de devises, investissements directs des étrangers, risques organisationnels 摘 要 本文首先根據國際收支平衡表的編制原理，設計了各種情況下的國際收支平衡表，以論證流入我國的外商直接投資的增加不會構成我國外匯儲備的結構性風險。然後根據對我國近年的國際收支平衡表的分析，本文揭示了在我國的國際貿易中製成品比重小和外商從事的貿易比重大的事實，認為我國的國際貿易這一經濟增長的火車頭的駕駛權受到了控制，這是我國外匯收入的一種隱患。昀後本文又論證了近年來在人民幣升值的預期下，有大量的不穩定的短期資本流入我國而使我國的外匯儲備劇增，這也是我國的外匯儲備的不安全因素的觀點。毫無疑問，要消除這樣的風險，只有依靠不斷地增強我國的經濟實力，確保我國的經濟主權，並使我國的經濟實力與人民幣幣值相匹配。關鍵詞：國際收支；外匯儲備；外商直接投資；結構性風

Full-heavy tetraquark states and their evidences in the LHCb di-J/ψJ/\psi spectrum

In the framework of a nonrelativistic potential quark model (NRPQM) for heavy quark system, we investigate the mass spectrum of the $P$-wave tetraquark states of $cc\bar{c}\bar{c}$ and $bb\bar{b}\bar{b}$. The Hamiltonian contains a linear confinement potential and parameterized one-gluon-exchange potential which includes a Coulomb type potential and spin-dependent potentials. The full-heavy tetraquark system is solved by a harmonic oscillator expansion method. With the same parameters fixed by the charmonium and bottomonium spectra, we obtained the full spectra for the $S$ and $P$-wave heavy tetraquark states. We find that the narrow structure around 6.9 GeV recently observed at LHCb in the di-$J/\psi$ invariant mass spectrum can be naturally explained by the $P$-wave $cc\bar{c}\bar{c}$ states. Meanwhile, the observed broad structure around $6.2\sim 6.8$ GeV can be consistently explained by the $S$-wave states around 6.5 GeV predicted in our previous work. Some contributions from those suppressed low-lying $P$-wave states around 6.7 GeV are also possible. Other decay channels are implied in such a scenario and they can be investigated by future experimental analysis. Considering the large discovery potential at LHCb, we give our predictions of the $P$-wave $bb\bar{b}\bar{b}$ states which can be searched for in the future.Comment: 5 page, 1 figur

B-type natriuretic peptide is neither itch-specific nor functions upstream of the GRP-GRPR signaling pathway

BACKGROUND: A recent study by Mishra and Hoon identified B-type natriuretic peptide (BNP) as an important peptide for itch transmission and proposed that BNP activates spinal natriuretic peptide receptor-A (NPRA) expressing neurons, which release gastrin releasing peptide (GRP) to activate GRP receptor (GRPR) expressing neurons to relay itch information from the periphery to the brain (Science 340:968–971, 2013). A central premise for the validity of this novel pathway is the absence of GRP in the dorsal root ganglion (DRG) neurons. To this end, they showed that Grp mRNA in DRG neurons is either absent or barely detectable and claimed that BNP but not GRP is a major neurotransmitter for itch in pruriceptors. They showed that NPRA immunostaining is perfectly co-localized with Grp-eGFP in the spinal cord, and a few acute pain behaviors in Nppb( -/- ) mice were tested. They claimed that BNP is an itch-selective peptide that acts as the first station of a dedicated neuronal pathway comprising a GRP-GRPR cascade for itch. However, our studies, along with the others, do not support their claims. FINDINGS: We were unable to reproduce the immunostaining of BNP and NPRA as shown by Mishra and Hoon. By contrast, we were able to detect Grp mRNA in DRGs using in situ hybridization and real time RT-PCR. We show that the expression pattern of Grp mRNA is comparable to that of GRP protein in DRGs. Pharmacological and genetic blockade of GRP-GRPR signaling does not significantly affect intrathecal BNP-induced scratching behavior. We show that BNP inhibits inflammatory pain and morphine analgesia. CONCLUSIONS: Accumulating evidence demonstrates that GRP is a key neurotransmitter in pruriceptors for mediating histamine-independent itch. BNP-NPRA signaling is involved in both itch and pain and does not function upstream of the GRP-GRPR dedicated neuronal pathway. The site of BNP action in itch and pain and its relationship with GRP remain to be clarified

Revealing metabolite biomarkers for acupuncture treatment by linear programming based feature selection

BACKGROUND: Acupuncture has been practiced in China for thousands of years as part of the Traditional Chinese Medicine (TCM) and has gradually accepted in western countries as an alternative or complementary treatment. However, the underlying mechanism of acupuncture, especially whether there exists any difference between varies acupoints, remains largely unknown, which hinders its widespread use. RESULTS: In this study, we develop a novel Linear Programming based Feature Selection method (LPFS) to understand the mechanism of acupuncture effect, at molecular level, by revealing the metabolite biomarkers for acupuncture treatment. Specifically, we generate and investigate the high-throughput metabolic profiles of acupuncture treatment at several acupoints in human. To select the subsets of metabolites that best characterize the acupuncture effect for each meridian point, an optimization model is proposed to identify biomarkers from high-dimensional metabolic data from case and control samples. Importantly, we use nearest centroid as the prototype to simultaneously minimize the number of selected features and the leave-one-out cross validation error of classifier. We compared the performance of LPFS to several state-of-the-art methods, such as SVM recursive feature elimination (SVM-RFE) and sparse multinomial logistic regression approach (SMLR). We find that our LPFS method tends to reveal a small set of metabolites with small standard deviation and large shifts, which exactly serves our requirement for good biomarker. Biologically, several metabolite biomarkers for acupuncture treatment are revealed and serve as the candidates for further mechanism investigation. Also biomakers derived from five meridian points, Zusanli (ST36), Liangmen (ST21), Juliao (ST3), Yanglingquan (GB34), and Weizhong (BL40), are compared for their similarity and difference, which provide evidence for the specificity of acupoints. CONCLUSIONS: Our result demonstrates that metabolic profiling might be a promising method to investigate the molecular mechanism of acupuncture. Comparing with other existing methods, LPFS shows better performance to select a small set of key molecules. In addition, LPFS is a general methodology and can be applied to other high-dimensional data analysis, for example cancer genomics