Tuesday, January 18

China

China GDP grows 2.3% in 2020, back to pre-Covid pandemic trajectory
China

China GDP grows 2.3% in 2020, back to pre-Covid pandemic trajectory

By Administrator_India Capital Sands China’s economy roared back to pre-pandemic growth rates in the fourth quarter as its industrial engines fired up to meet surging demand for exports, pushing the full-year expansion beyond estimates and propelling its global advance. Gross domestic product climbed 6.5 per cent in the final quarter from a year earlier, pushing growth to 2.3 per cent for the full year. That leaves the world’s second-largest economy driving global growth and potentially passing US GDP sooner than previously expected. The V-shaped recovery from the biggest slump on record was engineered by getting Covid-19 under control and deploying fiscal and monetary stimulus to boost investment. Growth accelerated as the nation’s factories revved up to meet demand for medica...
China Sets Weaker Yuan Fix in First Sign Record Rally May Slow
China

China Sets Weaker Yuan Fix in First Sign Record Rally May Slow

By Administrator_India Capital Sands China set its daily yuan fixing at a weaker-than-expected level, the first signal that policy makers may want to rein in this quarter’s rapid appreciation in the currency. The People’s Bank of China’s reference rate was set at 6.7872 on Tuesday, after the spot rate weakened 0.51% overnight. That’s almost 60 basis points weaker than the average estimate in a Bloomberg survey, the largest gap on the weak side in about two months. Still, the currency strengthened 0.22% to 6.7897 per dollar as of 9:35 a.m. in Shanghai. “The market is growing increasingly concerned that the PBOC will guide the yuan weaker due to the rapid rally in the currency recently,” said Tommy Xie, an economist at Oversea Chinese Banking Corp. “We need to see a few more d...