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"China is firmly opposed to it," Foreign Ministry spokesman Wang Wenbin said at a regular news briefing in Beijing.

"By 2016, a broad swath of Americans had begun to feel the effects of China's development in their everyday lives－in shopping malls, at the multiplex, in paychecks－and to sense that the center of global power might be shifting from the United States toward China," Robert Daly, director of the Kissinger Institute on China and the United States, wrote earlier this year.

"But the Emperor has nothing at all on!" said a little child in Andersen's tale. Fiction can represent certain truths, truths often more apparent to those who have yet to be fully tarnished by tales told by those who choose to oppress or create fear in order to justify their own existence. For what greater purpose does government serve than to protect? And what need for protection unless there are enemies at the gate who threaten our ways of thinking, being? Even when these ways have gone astray.

"China may increase the interest rates for open market operations following the possible US rate hike, but in a moderate way, a similar move as it took in December and March," said Yang, who also suggested a further cut in the cash that banks set aside as reserves when liquidity risk increases.

"Changing terminals and services requires high costs, a long time and a complicated process, thus those companies that take the lead in winning the recognition of users first will get a huge advantage," he said.