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As a result, the yuan/dollar exchange rate is no longer fixed, but is a floating one. So, it is worth reiterating here: Like in the stock market, where volatility is the norm, the yuan volatility is the norm in the foreign exchange market. There is no need to make a fuss about the yuan breaching 7.0.

As for the demand side, China's automobile industry has had a sharp recovery from the pandemic lockdown, with the market experiencing eight consecutive months of sales growth.

As for the work injury insurance fund, China collected around 38 billion yuan in the first half of the year, and spent more than 36 billion yuan, with a total surplus of over 170 billion yuan at the end of June, ministry data show.

As a rising startup in Silicon Valley, the two founders said they had been planning to enter the Chinese market for a number of years, given its size. Although the company did not provide any forecast of growth rate in China, Brown said they are optimistic as the country's large market will take care of itself.

As a more encouraging sign, China's exports jumped 21.1 percent year on year in November in US dollar terms, the fastest growth since February 2018, thanks to strong demand for medical goods and electronics.