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CHINA: WORLD’S THIRD-LARGEST ECONOMY – BEIJING CLAIMS N°. 3 SPOT FROM GERMANY AFTER REVISING 2007 GROSS DOMESTIC PRODUCT GROWTH TO 13%

Posted by Gilmour Poincaree on January 15, 2009

January 14, 2009: 4:53 AM ET

CNN

PUBLISHED BY ‘CNN’ (USA)

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Posted in CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE FLOW OF INVESTMENTS, YUAM RENMIMBI (China) | 1 Comment »

BC CHINÊS PREVÊ POLÍTICA MONETÁRIA “MODERADAMENTE FLEXÍVEL” (China)

Posted by Gilmour Poincaree on January 1, 2009

31/12/2008 11:04

FolhaNews

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brazil)

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Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, YUAM RENMIMBI (China) | Leave a Comment »

CHINA COMEÇARÁ A PAGAR EM IUANES TROCAS COMERCIAIS COM VIZINHOS

Posted by Gilmour Poincaree on December 26, 2008

Quinta-feira, 25 de dezembro de 2008, 17:38

Agence France-Presse

PUBLISHED BY ‘DIÁRIO dO GRANDE ABC’ (Brazil)

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Posted in CHINA, COMMERCE, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, YUAM RENMIMBI (China) | Leave a Comment »

CHINA WON’T DEVALUE YUAN TO BOOST EXPORTS- MINISTER

Posted by Gilmour Poincaree on December 24, 2008

Wednesday December 24 2008

Reuters

PUBLISHED BY ‘THE GUARDIAN’ (UK)

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Posted in CENTRAL BANKS, CHINA, CURRENCIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, MACROECONOMY, RECESSION, YUAM RENMIMBI (China) | Leave a Comment »

CHINA TO INCREASE SUPPLY OF MONEY TO BOOST ECONOMY

Posted by Gilmour Poincaree on December 15, 2008

December 14, 2008

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

BEIJING—China said it plans to increase the amount of money circulating in its economy next year in a new effort to spur consumer spending and shield the country from a global downturn.

Saturday’s announcement by the country’s State Council, or Cabinet, comes on the heels of a multibillion-dollar economic stimulus package announced last month that calls for injecting more government money into the economy through spending on construction and other projects.

There are mounting signs that China’s economic slowdown is sharper and deeper than expected. Exports fell in November for the first time in seven years and the industry minister warned Friday that worse was to come.

China will increase its money supply by 17 percent next year, the Cabinet said in a statement on its Web site. It said that would be 3 to 4 percentage points above the total growth of economic output and consumer prices.

Increasing the supply of money is aimed at stimulating domestic economic activity and spending by making more credit available to encourage consumers and companies to borrow.

“We must strengthen the role of the financial sector in supporting economic growth by better implementing an active fiscal policy and moderately easing monetary policy,” the Cabinet statement said.

The growth rate of China’s money supply slipped this year as business activity and bank lending slowed.

The growth in China’s broadest measure of money supply shrank from 16 percent in August to 15 percent in November, according to the central bank. That measure, known as M2, includes cash and bank deposits.

The Cabinet also decided to increase by 100 billion yuan ($14.6 billion) the amount of loans for the country’s policy banks this year and suspend and reduce the sale of some central bank securities, the statement said.

The central bank has been draining billions of dollars from the economy every month to reduce pressure for prices to rise as revenues from China’s booming export industries flood through the economy.

The government said it would stop sales of three-year central bank notes and reduce sales of one-year and three-month bank notes, but gave no other details.

With economic growth forecast at 9 percent and inflation at about 6 percent this year, China’s money supply growth has just kept pace with growth in commercial activity. With both growth and inflation forecast to be lower in 2009, the planned expansion in money supply should be much larger than is needed to maintain commercial activity.

China’s industry minister Li Yizhong said Friday that the government will spend 15 billion yuan ($2.2 billion) to subsidize loans to companies to improve technology and cut energy use. Li said Beijing might buy surplus steel to help producers as demand plummets, as well as cut taxes to spur auto and real estate sales.

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Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, INTERNATIONAL, RECESSION, YUAM RENMIMBI (China) | Leave a Comment »

CHINA REAFFIRMS YUAN POLICY, WILL CUT TAXES

Posted by Gilmour Poincaree on December 10, 2008

December 10, 2008 at 6:42 AM EST

Reuters

PUBLISHED BY ‘THE GLOBE & MAIL’ (Canada)

BEIJING — China’s top leadership wrapped up a three-day strategy meeting on Wednesday with a pledge to ramp up public spending and cut taxes to promote domestic demand in the world’s fourth-largest economy.

The Central Economic Work Conference, judging that the economy was heading into rougher waters as the global financial crisis spread, set the pursuit of steady growth as the top priority for 2009, state radio reported.

“The general requirements for next year’s economic work are maintaining stable but rapid economic growth by boosting domestic demand,” the radio summarized the meeting as concluding.

It said the leadership reaffirmed China’s long-standing policy of maintaining the yuan’s exchange rate basically steady at a reasonable, balanced level.

However, the meeting agreed on the need to take measures, which were not spelled out, to stabilize external demand.

China earlier on Wednesday reported unexpected declines in both exports and imports in November from year-earlier levels as the economy suddenly slumped.

“At present, China’s economic operation is facing greater difficulties,” the radio said. “Downward pressure on the economy is increasing.”

The report made no mention of a numerical target for growth in 2009, but state media have said the authorities would do all they could to “protect eight” – a reference to the 8 per cent growth rate widely thought to be necessary to create enough jobs for the millions of people entering the work force every year.

The economy expanded 11.9 per cent in 2007, its fifth straight year of double-digit growth. But the pace has slowed sharply in recent months and the World Bank is forecasting just 7.5 per cent growth in 2009.

To prop up growth, the government launched a 4-trillion yuan ($586-billion U.S.) stimulus plan on Nov. 9 and the central bank followed up on Nov. 26 by slashing interest rates by 1.08 percentage points – four times its usual margin.

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Posted in BANKING SYSTEMS, CENTRAL BANKS, CHINA, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, RECESSION, THE FLOW OF INVESTMENTS, THE WORK MARKET, WORLD BANK, YUAM RENMIMBI (China) | Leave a Comment »

HSBC DRIVES UP COST OF GETTING MORTGAGE (China)

Posted by Gilmour Poincaree on December 3, 2008

Tuesday, December 02, 2008

by Alfred Liu

PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

Hongkong and Shanghai Banking Corp has announced it will raise mortgage rates drastically for new home buyers by 50 to 75 basis points.

New customers who take out a HK$1 million home loan will pay HK$5,000 to HK$7,500 more per year in interest as a result.

HSBC raised its mortgage rate, regardless of loan size, to between prime minus 1 percent and prime minus 1.5 percent – equivalent to 3.5 percent and 4 percent, on a new mortgage – with effect from yesterday.

The plan includes a cash rebate of 0.5 percent.

It has now cleared its original dividing range of HK$1.5 million loans and unified mortgage rates for loans of all sizes. The rate increase follows the same move by its peers, the bank said.

“Hongkong Bank may want to maintain its profitability at a reasonable level,” said Industrial and Commercial Bank of China (Asia) (0349) executive director Stanley Wong Yuen-fai.

“The net interest margin for the whole banking mortgage market is 2 percent now. Banks even had to pay interest rate differences when interbank lending rates were very high previously.”

The rate hike is expected to hit improved property market sentiment.

“I predict the transaction volume of secondary residential units will decrease 10 to 20 percent in December compared with November,” said Ricacorp Properties head of research Patrick Chow Moon-kit.

Hong Kong Property chief executive Fredy Wu Yat-fat said the impact would be limited as flat prices have been falling and he expects the move to accelerate home purchases before other banks raise their mortgage rates.

Property market sentiment improved after Sun Hung Kai Properties (0016) sold about 580 apartments at its two new projects, Peak One and La Grove, which were launched on Friday.

Major mortgage players, including Bank of China (Hong Kong) (2388), Hang Seng Bank (0011) and Standard Chartered Bank (Hong Kong), said they have no plans to increase mortgage rates.

Top player HSBC increased its share of the local mortgage market to 26.1 percent as of the end of October, up from 22.4 percent at the end of September, according to mortgage brokerage mReferral.

The brokerage’s chief economic analyst, Sharmaine Lau Yuen-yuen, said she sees the mortgage rate hike as a strategy and predicts more lenders may follow.

“I expect mortgage rates to fall to a level of prime minus 0 early next year,” she said.

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PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

Posted in BANKING SYSTEMS, CHINA, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, RECESSION, THE FLOW OF INVESTMENTS, YUAM RENMIMBI (China) | 1 Comment »

CHINA PASSA JAPÃO COMO MAIOR CREDOR DOS ESTADOS UNIDOS

Posted by Gilmour Poincaree on November 19, 2008

Publicação: 19/11/2008 08:53

FolhaNews

USA AND CHINA TALK MONEY

Em meio a sua pior crise financeira em décadas, os EUA vêem uma troca de guarda na posição de seus principais credores individuais. Segundo o relatório mais recente do governo, de setembro, a China passou o Japão como maior detentor de papéis do Tesouro americano, numa ascendente que começou seis meses atrás.

Agora, a China detém US$ 585 bilhões em “treasuries”, como são chamados os títulos da dívida pública dos EUA, ante US$ 573,2 bilhões do Japão, que mais vendeu do que comprou os papéis em quatro dos últimos seis meses. No total, estrangeiros detêm US$ 2,86 trilhões de títulos do governo americano, ou o dobro do PIB brasileiro.

A notícia é agridoce para os EUA. Por um lado, o país vê reafirmada a confiança dos mercados mundiais e a crença de que o governo terá condições de honrar seus compromissos.

Por outro, vê sair do topo da lista de credores seu principal aliado na Ásia para dar lugar a seu maior competidor comercial mundial. A política de compra dos títulos pela China é agressiva: o país dobrou o valor investido desde julho de 2005.

Brasil em 4°

Já o Brasil continua em quarto lugar, posição que ocupa há mais de um ano. Mas diminuiu sua exposição, passando de US$ 146,2 bilhões em agosto para US$ 141,9 bilhões em setembro. À frente do país, além de China e Japão, estão Reino Unido e dois agrupamentos, de exportadores de petróleo, formado por 15 países, e dos paraísos fiscais do Caribe, formado por seis países.

A diferença entre compra e venda de papéis foi de US$ 66,2 bilhões em setembro, mês em que as Bolsas tiveram grandes perdas -reflexo do estopim da atual fase da crise financeira, detonada pela decisão do governo dos EUA de não socorrer o banco de investimentos Lehman Brothers, que quebrou.

O Tesouro informou ainda que investidores estrangeiros compraram US$ 143,4 bilhões em ativos americanos em setembro, a maior entrada de capital em quase três anos.

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Posted in CHINA, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, JAPAN, NATIONAL DEBT - USA, THE FLOW OF INVESTMENTS, USA, YEN (Japan), YUAM RENMIMBI (China) | Leave a Comment »