Welcome to the Beijing Hour, coming to you live from the Chinese Capital.

Coming up on our program this morning...

The Mayor of Tianjin says he bears ultimate responsibility for last week's deadly blasts at the Port of Tianjin.

The Chinese government says its unaware of any planned trip to China by Japan's Prime Minister on September 3rd, the same day as the War Victory parade.

Thai authorities say they believe a group may be behind this week's deadly bombing in Bangkok.

In Business... the IMF issues another signal the RMB isn't likely to make it into the SDR basket this year.

In Sports... Stan Wawrinka demanding a better apology from Aussie tennis upstart Nick Kyrgios about last week's disparaging comments.

In entertainment.... nominations for this year's Golden Rooster film awards have been announced.

Top NewsMayor accepts responsibility for Tianjin blastsAnchorA week after the massive explosions tore through the Port of Tianjin, leaving at least 114 dead and 64 others missing, municipal authorities in Tianjin are stepping up to make information more available, and to take ultimate responsibility.

CRI's Min Rui has more.

ReporterSpeaking to reporters at a news conference in the city, Tianjin Mayor Huang Xingguo has offered his official condolences to the victims.

He also says, as the head of the city, he is ultimately responsible.

"Causing such serious casualties and property losses, I am in sorrow and remorse. As the chief of the Tianjin Party committee and municipal government, I have a leadership responsibility that cannot be shirked. So here I am, expressing my deep condolences to the victims."Meanwhile, municipal authorities are also stepping in to provide more information about the cleanup operations.

Municipal officials are reporting that on Wednesday, a team of chemical soldiers, chemical production staff and chemical scientists entered the core area of the blast in groups, identifying and labelling the remaining hazardous chemicals on-site.

He Shushan, deputy-Mayor of Tianjin, says there are still a lot of dangerous chemicals in the blast zone.

"As far as we know, there are 7 different categories of about 40 types of dangerous chemicals. The three major categories are as follows: first, oxides, namely ammonium nitrate and potassium nitrate, about 1,300 tons in all. Second are inflammable solids, mainly sodium and magnesium, about 500 tons in all. And third, extremely poisonous chemicals, mainly about 700 tons of sodium cyanide."He Shushan says the variety of dangerous chemicals on-site makes it hard to predict when the entire disposal operations may be finished.

He does say they remain confident they can dispose of the chemicals without incident.

Recent rains in Tianjing have triggered concerns about the chemicals polluting Tianjin's water, ground and air.

Earlier reports had been circulating suggesting noxious gases created by a combination of sodium cyanide and rainwater have been detected in Tianjin.

However, Wen Wurui, head of Tianjin's Environmental Protection Bureau, says those reports are not true.

"The results from testing done by the environmental protection agencies show no such detection. Monitoring data has shown there are some pollutants which have been making it into the environment. Some of the pollution levels have been coming in above standards. However, most readings are still within the limits of national and Tianjin standards."He says the bureau is strictly following both local and national standards when monitoring air quality.

The frequency of releasing monitoring reports has also been increased.

Officials are going to put out new monitoring information every 2-hours, rather than just once a day.

A newsflash will be issued if pollution problems are detected.

Meanwhile, the Tianjin government also says its working on plans to compensate the victims and those displaced by the explosion.

Authorities are promising equal pensions and compensation for the surviving family members of all the firefighters who died in the Tianjin blasts.

In response to demands by some residents who say they will refuse to return to their homes, the government will buy back their damaged properties.

The city will also help pay for the repairs for those who do want to return.

For CRI, I'm Min Rui.

Doubts Cast over Legitimacy of Tianjin Blast WarehouseAnchorThe true owner and operational background of the warehouse which blew up in Tianjin last week has been revealed.

CRI's Luo Wen reports.

ReporterMany doubts have surrounded how well equipped Ruihui Logistics was in handling hazmat issues, as well as how it passed environmental and safety evaluations.

Zong Guoying with the Tianjin Municipal government says the company's initial business operations did not include dangerous goods.

"It's stated in the company's record that its business management area does not include the handling of hazardous chemicals when it was first established in 2012."Zong says Ruihui Logistics only became licensed for handling hazardous chemicals less than 2 months ago.

However, the official has been unable to say how long it may have operated its chemical storage business without a license.

Around 700 tons of highly toxic sodium cyanide are believed to have been stored in the warehouse at the time of the blasts.

This would be 10-times the legal limit.

Officials in Tianjin say the company did managed to pass an environmental evaluation.

However, that report has not yet been made public.

He Shushan is the vice-Mayor of Tianjin.

"Ruihai's safety evaluation was conducted by a third party institute called Zhongbin Haisheng, which has a national class-A testing license granted by the State Administration of Work Safety. The government is going to make the company release its environmental evaluation report to the public."Meanwhile, the ownership structure of Ruihai has also been brought to light.

41-year-old Yu Xuewei, a former executive with the Tianjin Branch of state-run Sinochem Group, is the actual owner of the company, holding 55-percent of the shares through his cousin Li Liang.

34-year-old Dong Shexuan, son of the former police chief for the Port of Tianjin, holds the remaining 45 percent stake in the company, registered through his schoolmate Shu Zheng.

Dong's father died in 2014.

The 34-year old son has since admitted he used his connections to help obtain licenses for Ruihai.

Both Yu and Dong, as well as general manager Zhi Feng and vice manager Cao Haijun, are among the 10 executives already under police custody.

Tianjin Mayor Huang Xingguo says anyone found culpable in connection with the explosions will face punishments, regardless of who they are.

"No matter who you are and with whatever background you may have, we will conduct a thorough investigation and punish you according to the laws. I promise you!"The State Council has set up a dedicated panel to investigate the explosion.

It's tasked with determining both who will be liable, as well as recommending how much punishment they should recieve.

For CRI, I'm Luo Wen.

China Dismisses Reports of Abe's China Visit in SeptemberThe Chinese government says its not been made officially aware of any plans by Japanese Prime Minister Shinzo Abe to travel to Beijing early next month.

A front-page story in a leading Japanese newspaper is suggesting Shinzo Abe may have plans to arrive in Beijing on September 3rd, the same day as the massive parade which is set to take place in Beijing to mark the victory over Japan 70-years ago.

The Japanese report suggests Abe has plans to meet with Chinese President Xi Jinping, and would arrive in Beijing sometime in the afternoon.

It's being reported this would be to avoid the optics of attending the military parade marking the victory over Japan, which will take place in the morning.

The Japanese report says the two sides are finalizing consultations over the summit.

The Chinese government has formally invited Abe to attend the event.

However, the Chinese Foreign Ministry has since issued a new statement, saying it has not "heard of" this reported trip.

Several countries confirm to send Honor Guard at China's V-day ParadeBelarus, Kazakhstan, Russia and Kyrgyzstan have all confirmed their attendance at the Victory Day parade on September 3rd in Beijing.

The Belarussian military says the 85 soldiers its sending to the parade are spending several days practicing for the event.

Honor guards from Belarus, Kazakhstan and Russia have already arrived in Beijing for preparation.

Odd-Even Ban Takes Effect in BeijingAn over 2-week long odd-even traffic ban is now in effect in Beijing.

Over the next 15 days, personal vehicles in the city will only be allowed on the roads during alternating days.

This coincides with the start of the IAAF World Athletics Championships, and will end after the massive parade to mark the 70th anniversary of the end of World War II.

Zhou Zhengyu, head of Beijing's Transportation Commission, says steps have already been taken to make commuter's lives easier.

"Public transportation is being increased to satisfy the needs of the growing ridership on the bus and subway systems. Steps have already been taken to guarantee a sufficient supply of daily necessities."Violators of the odd-even license plate restrictions will be subject to a 100 yuan fine and be hit with three points on their license.

The odd-even license plate restrictions were introduced head of the 2008 Olympics and last year's APEC meetings in Beijing.

China landslide rescue suspended for safety concernRescue work has been suspended amid fears of more slides at a mining site in Shaanxi where 56 people remain missing.

Zhao Fasuo with the Chinese Commission for Disaster Reduction says the danger for search crews at the site is just too high at the moment.

"Too much digging among the rubble of the original slide has the potential to cause movement of on the hills behind. So we need to be aware of this. Of course we are trying to do everything we can to find the bodies of those still missing. However, we have to do this both reponsilbly and scientifically for the safety of those on the ground."At the same time, forecasters are warning of heavy rains in the region for the next 2 to 3-days, leading to fears of even more slides taking place.

Official 12 people are confirmed dead following last week's deadly slide, which hit overnight on Monday while crews were sleeping in their dorms.

10 managed to escape, while 4 others were intially pulled from the rubble.

However, given the time which has passed since the slide hit, its highly unlikely any of the 56 others still listed as missing will be found alive.

Thai police hunt 'foreign' man, two others for Bangkok blastAnchorThai police say they believe Monday's deadly bombing in central Bangkok has been carried out by an organized "network," identifying 2 more suspects wanted in connection with the blast.

CRI's Poornima Weerasekara with the latest.

ReporterThailand's National Police Chief Somyot Poompanmoung says the shrine attack on Monday is the work of more than one person.

"I believe that this act was not carried out alone. It was probably carried out by multiple individuals with the support of a network. It's done by someone who knows the escape route. This type of act cannot be done alone."Thai police says they believe the suspect captured by close circuit cameras minutes before the blast is a foreign national.

Police spokesperson Prawut Thawornsiri suggests his appearance is pointing to an origin either from Europe or the Middle East.

"The language and the acts, the face and the acts that we found in the CCTV footage. I think that he speaks… a foreign language, not English also."Police have released a sketch of the suspect, who's described as a dark-haired man with glasses and light facial hair.

He was filmed by security cameras leaving a backpack at the shrine.

Investigators suspect that two other men seen on the grainy video footage are his accomplices.

Thai police are offering 1 million baht or just over 28-thousand U.S. dollars for any tips that could lead the arrests of the three men.

At least 20 people are dead and over 120 hurt in Monday night's blast at the popular Erwan Hindu shrine.

Seven Chinese nationals are among the dead.

Twenty-six others are being treated in hospital in Bangkok, with 10 of the Chinese nationals still said to be in intensive care.

So far no one has claimed responsibility for the attack.

The Thai government had originally pointed to the oppostion Red shirt movement that supports ousted Prime Minister Yingluck Shinawatra.

However, Red Shirt movement organizer Jatuporn Prompan says that suggestion doesn't make sense.

"The explosion at Ratchaprasong intersection is beyond the capacity of the Red Shirts' people. The person who carried out the attack must have been an expert bomber who knew just where to plant the explosives and escape without being captured. Although the scene of the bombing has been the site of Red Shirts protests in the past, other groups had also protested here. There would be nothing to gain for my political movement to carry out such an attack. The Red Shirts want democracy and this bombing can now delay that democracy."The Thai government says the unprecedented attack in Bangkok appears designed to damage the country's economy, which is heavily dependent on tourism.

Despite the carnage, Thai business groups say they expect the tourism industry will bounce back quickly after a slight dip.

Surapong Techaruvichit is the Chair of Thai Hotel Association.

"If there is nothing after this bombing, and the Thai government can make sure that we are safe and calm country, and the breaking news stops, then I think people will consider coming back to Thailand again. Every time we have bad things happen in Thailand, we always see our visitors come back in a very quick response."Meanwhile, monks in saffron robes have been chanting and praying for the departed souls of those killed at the shrine, which still bears the scars from the powerful blast, which is one of deadiest in Bangkok in recent years.

For CRI, I'm Poornima WeerasekaraIndonesia starts to recover remains of 54 people killed in plane crashIndonesian search crews have begun recovering the bodies of the 54 people killed in a plane crash earlier this week in the remote Papua region of the country.

Heronimus Guru with Indonesia's Search and Rescue Agency says 23 victims are still at the crash site.

"Now we have collected 31 body bags, 27 of them are already in a hospital and four were sent to Jayapura."Bad weather has been holding up the recovery work, as the crash site in the mountainous area of eastern Indonesia, along the country's border with Papau New Guinea.

Indonesian officials were also transporting 470-thousand US dollars worth of cash on the flight for an assistance programme.

Authorities say one of the bags of cash has been recovered, but say they believe the other one burned up in the crash.

The recovery of the black boxes is underway to determined what led to the crash.

The plane went down on Monday while on a short-haul flight, leaving all 54 onboard dead.

Bad weather at the time is being cited as a possible factor.

Russia Urges Efforts to Implement Minsk PlanThe Kremlin is calling on the leaders of Germany and France to put more pressure on the Ukranian government to implement a February peace plan for eastern Ukraine.

Russian Foreign Minister Sergei Lavrov has issued the call during a visit to the Crimea.

"It is necessary in our view to mount additional pressure on Kiev to convince them that they have to implement the agreements and obligations agreed in Minsk on February 12."Ukrainian President Petro Poroshenko is due to meet both German Chancellor Angela Merkel and French President Francois Hollande in Berlin early next week in a bid to end a new wave of violence in eastern Ukraine between government forces and rebels.

An initial truce was signed in Minsk in February.

However, fighting has continued to take place since then, with a major escallation being reported over the past week.

Moscow is blaming Kiev for failing to deliver on multiple provisions of the peace plan, demanding Ukranian authorities hold direct talks with representatives of the self-proclaimed rebel "republics" of Donetsk and Luhansk.

Ukranian authorities have refused to do this, suggesting any direct meetings would legitimize their self-proclaimed status as leaders of territory within Ukraine.

IS beheads leading Syrian antiquities scholarIslamic State militants have beheaded one of Syria's most prominent antiquities scholars in the ancient town of Palmyra.

The militants have since Khaled al-Asaad's body from a pole in a main square in the ancient town.

It's been reported the 81-year old al-Asaad has been held by Islamic State forces for about a month.

Ahmad Taraqji, head of the Syrian government's Antiquities and Museums department, has condemned the killing.

"It is a crime in every sense of the word, whatever the justifications which are all false and are not enough for a human being to be killed, or for such a good man and a scholar who was 81-years-old to be killed in that horrible way."Al-Asaad was in charge of Palmyra's famed 2-thousand year-old ruins, a UNESCO World Heritage Site, for the past 4-decades.

The killing has underscored fears that the militants plan to destroy the ancient city, as they have at other major archaeological sites in Syria and Iraq.

Palmyra first became a trading hub during Alexander the Great's conquest of the region some 2-thousand years ago, and later became one of the western hubs along the ancient Silk Road.

Libya FM Urges UN to Lift Arms EmbargoLibya's internationally-recognized government is set to officiall call on the UN Security Council to lift an arms embargo imposed on the Libyan government 4-years ago.

Foreign Minister Mohammed al-Dairi has made the suggestion at a meeting of the Arab League in Egypt.

"We intend to send a message to the UN Security Council, with Arab support for Libya's internationally-recognised government, to push the Arab call for the UN to lift the arms embargo imposed on the Libyan army."The Arab League is pleding support for the backers of Libya's internationally-recognized government to help defeat a local Islamic State affiliate.

In March, the UN Security Council renewed the weapons ban imposed on Libya during the fighting which eventually brought down former Libyan leader Muammar Ghaddafi.

The UN Security Council will allow a sanctions committee to review individual requests for exemptions.

However, its unclear whether there would be enough support among the 15 member UN Security Council to lift the arms embargo, as Libya is divided into separate political administrations.

The internationally-recognized government is in eastern Libya, while an Islamist-backed administration has been established in the capital, Tripoli.

UN peacekeepers accused of killing and rape in Central African RepublicThe United Nations' peacekeeping mission in the Central African Republic has been hit with new allegations of sexual abuse by peacekeepers, including one allegedly involving an underage victim.

Vannina Maestracci, spokesperson for UN Secretary-General Ban Ki-moon, says the new reports follow earlier allegations of abuse by UN peacekeepers in the CAR.

"These new allegations concern a report that three young females were raped by three members of a MINUSCA military contingent. The allegations were reported to the Mission's Human Rights Division on the 12th of August by the families of the three women."The head of the Central African Republic mission has already been sacked after a series of allegations of sexual abuse and excessive use of force by peacekeepers.

Since its establishment in April 2014, the UN mission in the CAR has received 61 allegations of possible misconduct.

They include 13 cases of possible sexual exploitation and abuse.

UK regulator challenges doctors who overuse antibioticsAnchorA medical watchdog organization in the UK is challenging the country's doctors to be more reponsible when giving out prescriptions for antibiotcs, warning the situation with so-called superbugs has the potential to spin out-of-control if more isn't done.

CRI's Liu Yan reports.

ReporterDavid Battie went into hospital with a broken leg, but what should have been a short hospital stay turned into a seven month ordeal.

Bacteria infected his broken bones and doctors struggled to suppress it with all the antibiotics at their disposal.

However, nothing they tried seemed to help.

"They tried it orally, they tried it intravenously and they tried it (by) drip. I could tell you know from the way people came and went, they were wondering: "What the hell will we do now?"Eventually Battie had complicated plastic surgery to clear the hospital superbug and the experience has left its mark.

Doctors around the world are now concerned that the drugs which for decades have helped fight off life-threatening illnesses have been overused.

The UK's National Institute for Health and Care Excellence, or NICE, believes there would be ten million fewer prescriptions for antibiotics each year if GPs were prescribing responsibly.

In new guidance for health professionals, NICE says inappropriate use of antibiotics is causing a rapid growth in superbugs that are resistant to the drugs.

Research shows nine out of 10 GPs feel pressured to prescribe antibiotics and 97 percent of patients who ask for them, get them.

NICE director Professor Mark Baker believes the guidance will make a difference.

"It's the passion of patients to get a drug that probably isn't going to help them that is the problem. Our guidance will help empower GPs and others who prescribe antibiotics to give sensible advice and guidance to patients."Baker wants GPs to have to explain to patients why they shouldn't have antibiotics as a first resort and NICE's guidance is calling for monitoring systems or "stewardship teams" to supervise why and how many drugs get dished out.

Professor Tim Ballard from the Royal College of General Practitioners admits many GPs succumb to patient's demands.

"Antibiotics aren't expensive now, they're very, very cheap drugs, so it's not being withheld on cost grounds, it's being withheld that either they might make an individual patient worse or of course as NICE's report today highlights, the emerging resistance that there is in the population."Previous guidance from NICE on respiratory tract infections should have resulted in a 22 percent fall in antibiotic prescriptions, but instead numbers have risen.

The new advice for doctors and nurses is to rule out antibiotics for mild infections that can clear up on their own.

For CRI, this is Liu YanPutin Offers Russian Citizenship to U.S. BoxerRussian President Vladimir Putin has offered citizenship to former world-champion American boxer Roy Jones Jr.

The unusual offer has been made as the two sat down for a casual meeting in Crimea.

"Your name is so famous for our sport lovers and lovers of boxing in Russia, and if you are to spend a significant part of your life in Russia doing your business, then I surely will be glad to satisfy your request about receiving Russian passport and Russian citizenship."Roy Jones Jr. is in Crimea to appear as a guest on a boxing show on Sunday.

The idea of Russian citizenship was first put forward by Jones himself, after suggesting his work in Russia to support boxing would be easier if he were able to have Russian citizenship.

It's still not clear if Jones would qualify for a Russian passport.

WeatherBeijing will be cloudy with a high of 33 degrees Celsius.

Overnight temperatures should drop down to 22.

Tianjin will be sunny with a high of 32 and lows of 22Shanghai will have slight rain with a high of 33 and a low of 25.

In Chongqing, it will be overcast during the daytime with a high of 27 and lows of 21.

Elsewhere in the world, staying here in Asia,Kathmandu, slight rain, 27.

Islamabad will see slight rain with a high of 33.

Kabul will be cloudy with a high of 32.

Over to North America,New York will be overcast with a high of 28 degrees.

Washington, slight rain with a high of 25 degrees.

Honolulu, slight rain, 28.

Toronto will see moderate rain with a high of 27 degrees.

Finally, on to South America,Buenos Aires will see slight rain with a high of 16.

And Rio de Janeiro will have slight rain with a high of 23 degrees Celsius.

Headline newsMayor accepts responsibility for Tianjin blastsTianjin Mayor Huang Xingguo has gone on-record saying he bears the ultimate responsibility for last week's fatal blasts at the Port of Tianjin.

Speaking at a news conference in Tianjin, Huang Xingguo has also delivered his condolences to the families of the victims, saying his government will recognize firefighters who died in the line of duty as equals.

He's also promising zero-tolerance for the company and personnel found responsible for the blasts.

The mayor is also proposing a memorial park at the blast site.

The warehouse blasts last Wednesday have officially left 114 people dead.

65 others are still listed as missing.

7 Chinese confirmed dead in Bangkok blastSeven Chinese nationals, including five from the mainland and two from Hong Kong, are now confirmed dead from Monday night's deadly explosion in Bangkok.

The Chinese Embassy in Thailand has confirmed the 7th death today.

The person in question had previously been labeled as missing.

Another 26 Chinese nationals are still in hospital in Bangkok.

10 of them are in intensive care.

Meanwhile, Thai police have offered a reward of around 28-thousand U.S. dollars for any information leading to the capture of the main suspect in the attack.

860 million yuan issued to battle flood and droughtThe Chinese government has announced its setting aside 860-million yuan for flooding and drought relief.

More than 600 million yuan of it will dispatched to regions hit by typhoons and rain-related flooding.

Flooding in southern China so far this year has already displaced 4.5-million people.

It's also left close to 300 dead or missing.

The eastern provinces of Fujian, Jiangsu and Zhejiang are among the most severely affected.

The remaining 2.5-billion yuan will go to drought-hit areas in the country's northern and northeastern regions.

109 people die from Egyptian scorching heat waveOver 100 people are dead amid a massive heatwave which has been gripping parts of Egypt over the past couple of weeks.

Temperatures in some parts of Egypt are reaching 50-degrees.

The extreme temperatures have been gripping the country since the beginning of August.

Cairo and the surrounding areas are some of the hardest hit by the extreme heat.

Wang Jianlin named world's richest ChineseWang Jianlin, the chair of Dalian Wanda Group, has replaced Hong Kong's Li Ka-shing as China's richest man.

The latest Hurun Rich List shows the real estate tycoon's wealth has swelled to around 260 billion yuan, up more than 50 percent over the past year.

Hong Kong tycoon Li Ka-shing ranks second, with a personal fortune of around 200 billion yuan.

Alibaba chair Jack Ma sits 3rd with personal wealth of over 160 billion.

Biz ReportsAnchorTurning onto business news. First, a quick look at the closing numbers across North America and Europe as well as a recap on the Chinese market.

Joining me on the desk, Luo Wen.

ReporterU.S. stocks ended sharply lower after a volatile trading session Wednesday, as investors digested the closely-watched minutes from Federal Reserve's July meeting.

According to the minutes, most U.S. Federal Reserve officials believed conditions for tightening monetary policy were approaching, but failed to give clear signals on the timing of the first interest rate hike in nearly nine years.

Energy stocks slumped 2.8 percent, posting the most losses on the S&P 500 as crude oil fell 5 percent on the day.

Materials stocks fell 1.2 percent as copper touched a six-year low on persistent concerns about slowing growth in China.

At the close,The Dow Jones lost 0.9 percent.

Both the S&P 500 and the Nasdaq dropped 0.8 percent.

Meanwhile, European stocks fell on Wednesday, extending a recent losing streak on the back of volatile trading in Shanghai amid concerns over China.

At the closing bell,The UK's FTSE 100 declined 1.9 percent, as Glencore announced worse-than-estimated earnings and the U.S. inflation rate edged down in July.

Germany's DAX decreased 2.1 percent.

France's CAC 40 inched down 1.8 percent.

Finally in China,Shares witnessed wild swings Wednesday as persistent worries about economic pressures continued to weigh on market sentiment, with the key Shanghai index fluctuating more than 6 percent.

The benchmark Shanghai Composite Index went up 1.2 percent.

The smaller Shenzhen Component Index rose 2.1 percent.

IMF decides to extend current SDR currency basket until September 2016The International Monetary Fund appears to have given a signal that its not likely to add the renminbi into its basket of special drawing rights this year.

The IMF says its extending the current valuation of the current basket until the end of September of next year.

It says its made the decision to allow users of the SDR basket to avoid any changes in the valuation of it before the end of the calandar year, as to give them more time to adjust to any new changes if a new currency were added.

A number of countries around the world use the valuation of the Special Drawing Rights basket as a peg for their currencies.

The International Monetary Fund has yet to make a final decision on whether or not to add any new currency to its new SDR basket this year.

That decision is due in Novemver.

The Chinese government has been pressing to have the renminbi included in the SDR basket, which is currently made up of the US dollar, the euro, the British Pound and the Japanese Yen.

Earlier reports have suggested IMF staff are recommending the groups executive put off adding the renminbi into the line-up until next year, citing concerns about the convertability of the Chinese currency.

The RMB has dropped significanly against the US dollar this month since Chinese authorities adjusted the way the currency is calculated to open up the trading day.

China injects liquidity into market via MLFAnchorChina's central bank has pumped an extra 110 billion yuan, or around 17 billion U.S. dollars, into the market through its Medium-term Lending Facility.

A total of 14 financial institutions have received money from the central bank, each for a 6-month term at an interest rate of around 3.3-percent.

While injecting liquidity into the market, the PBOC is also asking the banks to spend the money on the small business and agriculture sector.

The MLF is a new liquidity tool designed for commercial and policy banks to borrow from the central bank by using securities as collateral.

On Tuesday, the central bank injected 120-billion yuan into the money market through 7-day bond repurchases.

For more on this, we are now joined on the line by Cao Can, CRI's financial commentator.

Questions:

Q1, What is causing liquidity in the market to be so tight that the Central Bank had to inject capital so frequently?

Q2, July's bank forex settlement saw a deficit of 266 billion yuan. What is causing China's capital outflow, and will we see a balanced figure in the future?

Q3, Some analysts say the liquidity brought by MLFs and reverse repos means a lowering of the reserve requirement ratio in the coming months can't be avoided. What do you think of that assessment?

Back anchor:

Cao can, CRI's financial commentator.

China opposes US decision on levying high tax rate for Chinese tiresThe Chinese government is objecting to a US decision to levy new anti-dumping and anti-subsidies tariffs on Chinese-produced tires for passenger vehicles and light trucks.

Ministry of Commerce spokesperson Shen Danyang says this will significantly hurt the interests of Chinese tire producers.

"In the process of investigation, the U.S. investigatory apparatus used improper practices like using alternative countries' data and presumption of adverse facts, and finally decided the high tax rate. The U.S. side also ignored the national conditions of China and relevant cases handled by the WTO. They refused the application from Chinese companies for separate taxes, and applied it with unified tax rate, thus leading to the discrimination and limitation to the Chinese companies and our economic system."Shen Danyang is calling on the US side to reverse its final ruling to -quote- "protect economic relations."Meanwhile, the ministry is also questioning a US Department of Commerce investigation that has determined Chinese producers of plastic resin imported into the United States have received subsidies from the Chinese government.

The final ruling on that case is expected at the end of December.

China increases tax breaks for small businessesThe State Council has announced it's going to extend tax breaks to more small businesses.

As of October 1st until the end of 2017, companies with annual taxable income under 300-thousand yuan will see their corporate income tax cut in half.

Previously, the previous threshold was set at 200-thousand yuan.

At the same time, companies with average monthly revenues under 30-thousand yuan will be exempted from the value-added tax and business tax until the end of 2017.

The move is the latest attempt to help small businesses in China, which provide nearly 80-percent of all urban jobs.

In the first half of this year, nearly 2.4 million small and micro-sized companies in China paid reduced taxes, saving them about 8.6 billion yuan.

Foreign investment in China financial institutions doublesLatest stats show foreign direct investment into financial institutions in China has more than doubled in the 2nd quarter this year.

Financial institutions in China have received around 4.4-billion U.S. dollars in investment in the second quarter.

Foreign cash leaving the financial system has totaled around 300-million US dollars through that same period.

GrabTaxi raises 350 mln USD from China's Didi Kuaidi, othersChina's largest taxi-hailing app Didi Kuaidi has invested 350-million U.S. dollars in Malaysia-based taxi-booking app GrabTaxi, together with venture capital firms and the China Investment Corporation.

GGV Capital, Coatue Management and existing shareholders have also joined the new round of fundraising, which gives GrabTaxi a market cap of more than 650 million US dollars.

The new money will be used to help GrabTaxi expand into new markets, including courier services.

It's also going to be spent on expanding its technology.

Didi Kuaidi's investment in GrabTaxi comes more than a month after it raised 2-billion U.S. dollars to boost its own cash reserves.

GrabTaxi operates in 26 cities in six Southeast Asian countries.

Yum Brands names new CEO of China divisionYum Brands, the parent company of KFC and Pizza Hut, has appointed a new CEO to its China division.

60-year-old Micky Pant will replace retiring Sam Su as the new CEO of Yum's China division.

Pant has served as the CEO of KFC since the beginning of last year.

Yum Brands has more than 68-hundred outlets in China.

But its business has been damaged by bad publicity connected to a food scandal involving a former supplier a year ago.

In the second quarter, Yum's revenues from China fell by 4 percent to about 1.6 billion U.S. dollars.

Sales in its China division restaurants open for at least a year, a key metric of a retailer's health, slid 10 percent in the quarter.

That is the fourth straight quarter of double-digit declines.

SportsSebastian Coe elected IAAF president; Chinese official elected council memberBritain's Sebastian Coe has been elected as the new president of the International Association of Athletics Federations at meeting of the group's congress here in Beijing.

The former Olympic 15-hundred meter champion and head of the London Olympics Organizing Committee is replacing Lamine Diack after the world championships wrap up here in Beijing at the end of this month.

Coe says he's "flattered and honored" to have been elected.

"I'm never going to be afraid to say that, never ashamed of saying it. Track and field is the number one sport and I'm absolutely delighted to be the president of the number one sport and I will do everything in my human capabilities to make sure that our sport maintains the values, maintains the strong legacies and the very, very firm foundations that president Diack has left me with."Coe was elected over former Russian athletics star Sergei Bubka for the top position at the IAAF.

His 4-year term will include several challenges, including the continued problem of doping.

The IAAF congress has also elected Du Zhaocai, head of the Chinese athletics association, as a council member.

IAAF officials are gathering in Beijing for the World Championships scheduled to open here in Beijing on Saturday.

Wawrinka overcomes Coric at Cincinnati OpenIn tennis action from the Cincinnati Open,French Open champion Stan Wawrinka has reached the third round of the tournament after coming from behind to beat Croatian teenager Borna Coric in a three set affair.

Speaking to reporters afterward, Wawrinka says admits he's still a bit flustered about what Australian Nick Kyrgios said last week to him at the Rogers Cup in Canada, saying he feels the Aussie upstart hasn't properly apologised.

"Honestly, I've had a lot of support...a lot of anger in the locker room for what he did. As I say, I think as a player you realise more what he did and what the consequence for a private life, for a person involve in that case. That's not just a few words but with one sentence he can touch a lot, and hurt a lot of people and I had a lot of support from the locker room, that's for sure."Kyrgios made worldwide headlines last week after crude remarks concerning Wawrinka's reported girlfriend, teenager Donna Vekic, during a match against the Swiss ace in Montreal.

Kyrgios, who was fined 10-thousand US dollars by the ATP for his courtside comments, later issued a statement apologising for his remarks, insisting they were made "in the heat of the moment."However Wawrinka said Kyrgios's apology doesn't go far enough.

Meanwhile, In other action from Cincinatti,French 12th seed Richard Gasquet has defeated a qualifier Thanasi Kokkinakis 7-6, 6-2 to advance to Round 3.

He will next play US Open champion Marin Cilic.

-----------On women's side of things,Four days after suffering just her second loss of the year in the semifinals of the Rogers Cup to Belinda Bencic, defending champions Serena Williams has found her form once again, knocking out Tsvetana Pironkova in straight sets 7-5, 6-3 in her opening match of the tournament.

Her sister, Venus, has dropped out of the tournament though, with illness.

World number two Russian Maria Sharapova also dropped out with a lingering injury to her right leg.

In other action,Italian Karin Knapp has made it to the third round after edging past Russian hopeful Daria Gavrilova in straight sets 6-4, 6-1.

Serbian Jelena Jankovic, Belinda Bencic of Switzerland and Lucie Safarova from the Czech Republic are also through.

-------------Other tennis news,8 of the world's top 10 women tennis players have confirmed their spot in this year's Wuhan Open.

World number one Serena Williams and second seed Maria Sharapova are not on the list.

43 players from 19 countries and regions will participate in the tournament.

This year's Wuhan Open is set to get underway on September 27th.

CFA Cup RecapIn football action here in China,Beijing Beikong have clinched a 5-3 win on penalties over Guizhou Renhe to earn a place in the semi-finals of the Chinese Football Association Cup.

This is the first time in history that Beikong has entered the last 4 of the tournament.

Next up for Beikong is Shanghai Shenhua, who secured an 8-7 winner over city rivals Shanghai SIPG.

Defending champions Shandong Luneng have also advanced, getting past Henan Jianye 5-3 on penalties.

Awaiting Luneng in the semi-finals is Jiangsu Sainty, who downed the Xinjiang Tianshan Leopards 3-1.

---------------In Women's action from the AFC U19 Women's Championship in Nanjing,Group BSouth Korea has cruised past Iran 13-nil to reach the second round of the tournament.

North Korea beat Thailand 5-0.

China announces shortlist for World Cup qualifiersThe Chinese Football Association has announced the shortlist for the forthcoming World Cup qualifiers.

Players from the top three teams in the Chinese Super League make up the pillar of the line-up.

The 23-man squad is headed by coach Alain Perrin.

It should include 8 players from Guangzhou Evergrande.

Zhang Linpeng and Yu Hanchao are back from injuries.

Zheng Long is on the list for the first time.

The new list calls up 3 players each from Shanghai SIPG and Shandong Luneng.

Zhang Chengdong, who just joined his La Liga club, will be summoned back from Spain to play for his national team.

China has already started out its World Cup qualifying with a 6-0 victory over minnows Bhutan.

However, the mainland squad will have a tougher test when they play Hong Kong, the Maldives and Qatar in their next matches.

Shaanxi beat Heilongjiang 112-108In action from China's National Basketball League,Shaanxi have extended their winning streak to three games with a 112-108 victory over fifth ranked Heilongjiang last night.

Shaanxi's American import Walter Sharpe scored 40 points and pulled in 24 rebounds to help the team to victory.

American swingman Marcus Williams scored a game-high 49 points for Heilongjiang in the loss.

With the victory, Shaanxi remains as the league leaders with 10-1 record.

In other action,Guangxi over Nanjing 94-80.

Guizhou beat Lhasa 97-83.

And it's Henan over Beijing 113-90.

---------------Elsewhere in China,Heng Yifeng scored 18 points to lead China's Olympic men's team to a 79-65 win over Germany.

3 Chinese players produce double digits in the victory.

---------------Other basketball news,CBA side Dongguan have signed American power forward Dominic McGuire.

The 30-year-old averaged 15.5 points and 7.8 rebounds last season in 32 games in the Israeli League.

Entertainment30th Golden Rooster Awards Announced NomineesNominations of the 24nd China Golden Rooster and Hundred Flowers Film Festival and the 30th Golden Rooster Awards have been announced in Beijing on Wednesday.

Film "The Taking of Tiger Mountain 3D " directed by Hark Tsui leads the nominees with 9 nominations, followed by film "The Golden Era" which gets 7 nominations.

Andy Lau, Zhang Hanyu and Chen Jianbin are nominated for Best Actor.

Vicki Zhao, Tang Wei and Xu Fan are nominated for Best Actress.

The box office hit Monkey King: Hero Is Back is nominated for Best Cartoon Film.

Steven Spielberg 'To Work On Obama Legacy'

President Barack Obama still has over a year until he finishes his job but it seems he is already planning his post-White House career.

Reports in the US claim the politician has been receiving advice from Hollywood director Steven Spielberg on building his legacy when he leaves office.

The New York Times said Mr Obama spent an evening with the Jaws and Jurassic Park director and studio executive Jeffrey Katzenberg in Beverly Hills in June.

Spielberg is "focused on helping to develop a 'narrative' for Mr Obama in the years after he leaves office".

In 2013 Spielberg made a spoof video for the White House Correspondents' Dinner where he said he was directing a video on Mr Obama's life.

It is not known what Mr Obama has planned after November 2016 but it is thought he wants to raise 1bn US dollars to build his library in Chicago and then focus on philanthropic projects.

Slovenian rock band performs first concert in NKoreaControversial Slovenian rock band Laibach played their first concert in the North Korean capital Pyongyang on Wednesday.

It's rare for North Korea to allow modern music from abroad to be performed inside the country.

Laibach's trip was organized by Norwegian artist Morten Traavik, who has worked with North Korea on a number of projects.

"It is a piece of international music that very many people know, but at the same time, it says something more. It says that the sound of music is also a language of communication. And that is music can actually sometimes, even in the most adverse of circumstances, bring people together."During the performance, which lasted just under an hour, Laibach played mainly cover versions, and just one of their own songs.

Many of the songs the group played were from the movie musical "The Sound of Music."There was also versions of Europop hit "The Final Countdown" and the Beatles' "Across the Universe."In addition Laibach played a short rendition of a traditional Korean song, "Arirang".

Laibach is scheduled to play one more show on Thursday, at a smaller venue in Pyongyang, before leaving on Friday.

Matt Damon is lost in space in new trailer for 'The Martian'

20th Century Fox has just released a new trailer for the upcoming sci-fi flick "The Martian", which stars Damon as astronaut Mark Watney.

The film directed by Ridley Scott is based on the Andy Weir novel of the same name.

Compared to the last trailer, the newly-released one reveals the movie's funny side.

In one scene, for example, Damon boasts he is "the greatest botanist on this planet.""The Martian" premieres in theaters in the UK on September 30 and then in the US on October 2.

Tim Burton To Switch On Blackpool IlluminationsDirector Tim Burton has been chosen to turn on the Blackpool Illuminations this year.

The man behind hit films like Edward Scissorhands and Alice in Wonderland has been shooting his latest film Miss Peregrine's Home for Peculiar Children in the town.

He will flick the switch in front of an estimated crowd of 20,000 people on Friday September 4.

Burton joins a list of celebrities including Kermit the Frog, the Bee Gees, Les Dawson and Terry Wogan to have been given the honour.

The tradition to mark the start of Blackpool's annual light festival began in 1934 when Lord Derby turned on the lights.

Dwayne Johnson to Star in Disney's 'Jungle Cruise' MovieDwayne Johnson is teaming up with Disney to adapt the story-line from a popular theme park ride to a big-screen movie.

Johnson will star in Jungle Cruise, based on the classic ride.

John Requa and Glenn Ficarra, the duo behind the Will Smith heist movie Focus, have been tapped to write the script.

Disney has been trying to mount a movie based on the popular ride since at least 2004, during the years when the success of The Pirates of the Caribbean set sail many ride-based projects.

Jungle Cruise is one of Disneyland's original rides and has a retro adventure vibe, transporting parkgoers into a range of African settings such as the Nile River and the Congo River and encounters with rhinos, hippos and headhunters along the way.

The current project is in early development.

That's it for this edition of the Beijing Hour.

Recapping our top stories this morning...

The Mayor of Tianjin says he bears ultimate responsibility for last week's deadly blasts at the Port of Tianjin.

The Chinese government says its unaware of any planned trip to China by Japan's Prime Minister on September 3rd, the same day as the War Victory parade.

Thai authorities say they believe a group may be behind this week's deadly bombing in Bangkok.

In Business... the IMF issues another signal the RMB isn't likely to make it into the SDR basket this year.

On behalf of the Beijing Hour staffers, this is Paul James in Beijing hoping you'll join us for our next edition of the Beijing Hour to open a window to the world together.