China’s Economy Showing Signs of Weakness
China’s auto sales and services industries slowed down in June, adding to signs that the economy will likely soften in the months ahead. The country’s auto sales weakened to 10.9% yoy in June, from +25.0% in May and +33.2% in April. This was the third consecutive month of easing, indicating that consumer spending has turned weaker in the country. Similarly, the PMI index for the services industry compiled by HSBC Holdings Plc and Markit Economics fell to 55.6 in June, from 56.4. This was the third consecutive month of slowing down and the lowest level in 15 months, suggesting that trade activities and consumer spending have turned slower. In the same vein, China’s manufacturing index fell more than economists forecast to the lowest level in 16 months, excluding a Lunar New Year-affected February 2010.
The World Economy... - 6/7/2010
Showing posts with label China. Show all posts
Showing posts with label China. Show all posts
Tuesday, July 6, 2010
Tuesday, June 22, 2010
The World Economy... - 22/6/2010
China’s Currency Move Spurred Demand For Some Asian Currencies
Chinese renminbi rose to a new high against the US dollar, after the People’s Bank of China signaled of a more flexible exchange rate going forward over the weekend. The renminbi rose by 0.4% to close at RMB6.7976/US$ on 21 June, the strongest level since the currency has been regularly traded. The previous closing high came in July 2008, just before the central bank guided the currency to around RMB6.83/US$ and kept it there for the next two years to help stabilise the economy amid the global financial crisis. An official reference rate for daily trading, however, remained unchanged at RMB6.8275/US$, the same level as on 18 June.
The World Economy... - 22/6/2010
Chinese renminbi rose to a new high against the US dollar, after the People’s Bank of China signaled of a more flexible exchange rate going forward over the weekend. The renminbi rose by 0.4% to close at RMB6.7976/US$ on 21 June, the strongest level since the currency has been regularly traded. The previous closing high came in July 2008, just before the central bank guided the currency to around RMB6.83/US$ and kept it there for the next two years to help stabilise the economy amid the global financial crisis. An official reference rate for daily trading, however, remained unchanged at RMB6.8275/US$, the same level as on 18 June.
The World Economy... - 22/6/2010
Monday, June 21, 2010
The World Economy... - 21/6/2010
China Indicated A More Flexible Renminbi
China’s signal of an end to the renminbi’s fixed rate to the US dollar will help accelerate a shift toward domestic demand as the prime driver of growth and ease strain with other nations caused by its long reliance on exports. The People’s Bank of China two days ago indicated that it is abandoning the RMB6.83 peg to the US dollar adopted during the global crisis in July 2008 to shield exporters. Before the exchange rate was explicitly re-pegged in July 2008, China had allowed a 21% appreciation of the renminbi vis-à-vis the US dollar over three years. Despite indicating its intention to increase the flexibility of the exchange rate, the People’s Bank of China said that there is no basis for large scale moves in the currency.
The World Economy... - 21/6/2010
China’s signal of an end to the renminbi’s fixed rate to the US dollar will help accelerate a shift toward domestic demand as the prime driver of growth and ease strain with other nations caused by its long reliance on exports. The People’s Bank of China two days ago indicated that it is abandoning the RMB6.83 peg to the US dollar adopted during the global crisis in July 2008 to shield exporters. Before the exchange rate was explicitly re-pegged in July 2008, China had allowed a 21% appreciation of the renminbi vis-à-vis the US dollar over three years. Despite indicating its intention to increase the flexibility of the exchange rate, the People’s Bank of China said that there is no basis for large scale moves in the currency.
The World Economy... - 21/6/2010