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"COVID-19's resurgence is bound to have an economic effect, both as local governments introduce measures to curtail the spread and as consumers change their behavior," Patrick Harker, president of the Philadelphia Federal Reserve Bank, said in a speech to the Wharton Private Equity and Venture Capital Alumni Association.

"Change is easy, progress is always much more difficult," said Watkins. As the global pandemic has made it increasingly difficult for students at the high school and university level to travel globally, the use of remote or e-learning has enabled teaching and learning to continue without interruption.

"By maintaining high-level exchanges and close communication, the two countries will inject new impetus into their cooperation and push their relations to a new level," he said.

"China is working to improve flexibility of the renminbi exchange rate while maintaining the rate at a stable equilibrium. And we have successfully avoided competitive depreciation against other major currencies," he said.

"China is internationalizing the RMB and we hope the AIFC can be a pilot to promote RMB settlement, especially in natural resources sectors," said Kelimbetov.