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Wednesday 12 December 2007
Banks Raise Loss Estimates
Problems like this still hanging over the market. View report
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China's Nov. retail sales surge 18.8% to 810 bln yuan
By Chris Oliver Last update: 12:56 a.m. EST Dec. 12, 2007
HONG KONG (MarketWatch) -- China retail sales surged 18.8% to 810.5 billion yuan ($109.92 billion) in November, accelerating from an 18.1% rise in October, the National Bureau of Statistics said in a statement Wednesday. The figure was the fastest pace of growth on a monthly basis since the government started gathering the data in 1999, according to wire reports. China's retail sales for the first 11 months of the year totaled 8.0195 trillion yuan, up 16.4% from the year-earlier period. The government said November retail sales in urban areas rose 19.2% and those in rural areas were up 18%. Urban retail sales amounted to 542.6 billion yuan, more than double the 267.8 billion yuan in rural areas. Among notable retail sales gainers, food jumped 29.9%, apparel rose 29%, grain and edible oils jumped 48%, furniture added 59.5% and sports equipment climbed 31.8%, according to the government data.
By HENRY SANDERSON Associated Press Writer Tue, Dec. 11, 2007
BEIJING --China's inflation surged to its highest rate in 11 years last month while its trade surplus swelled, the government said Tuesday, adding to pressure for the central bank to raise interest rates and loosen currency controls.
Rising food and oil prices lifted November's consumer price index 6.9 percent from the same period last year, the National Bureau of Statistics said. That is well above the government's inflation target of 3 percent and was the biggest increase since 1996, according to Xinhua News Agency.
The recent price rises are politically sensitive for China's communist leaders because the country's vast, poor majority spend a big share of their incomes on food and fuel.
To control what appears to be an overheating economy, authorities look likely to move more aggressively in tightening credit and curbing inflation, economists said.
"This will give a significant warning signal and the government will tighten measures further," said Hong Liang, a senior economist with Goldman Sachs in Hong Kong.
Meanwhile, the General Administration of Customs reported that China's global trade surplus totaled $26.28 billion in November.
While that was down slightly from the previous month's record of $27.05 billion, so far this year China's trade gap has reached $238.9 billion, 53 percent larger than during the first 11 months of 2006.
Exports rose 22.8 percent to $117.62 billion, while imports rose at a faster rate, up 25.3 percent, to $91.34 billion.
The figures show that foreign demand for low-cost Chinese goods remains strong despite a slew of consumer safety recalls and the weakening economic outlook in the U.S.
Top American officials are in Beijing this week for talks on Chinese product safety as well as trade, currency and intellectual property issues. The two countries signed agreements Tuesday on safeguarding the quality of food and drugs imported into the U.S. from China.
The meetings are likely to be overshadowed by protests from U.S. lawmakers over China's massive trade surplus and its currency controls, which critic say keeps the Chinese yuan undervalued, giving Chinese exports an unfair advantage. The U.S. Congress is considering several proposals to impose punitive tariffs on imports from China if Beijing fails to loosen its currency regime.
Since revaluing the yuan in July 2005, Beijing has let the yuan appreciate 8.9 percent against the dollar in tightly controlled trading.
Economists argue that letting the yuan rise faster would help trim China's trade surplus while also aiding the central bank's efforts to cool inflation.
"While triggered by the food prices, the inflation issue has evolved into more of a macroeconomic problem," Citigroup Global Markets economist Yiping Huang said in a report released Tuesday.
"We expect the government to let the currency rise more quickly in the coming year, alongside measures directly managing" money supply, Huang said.
Food prices, which account for one-third of the consumer price index, jumped 18.2 percent in November, compared with an increase of 17.6 percent in October, the statistics bureau said.
Prices for pork, a Chinese mainstay, drove the increase. Pork prices have surged recently due to an outbreak of blue ear disease, which killed 70,000 animals and prompted the government to destroy thousands more.
Beijing is pressing farmers to raise more pigs, promising free vaccinations and other aid. Price pressures should ease when a new grain crop is harvested and more pigs come to market.
But food, while important, is not the sole factor driving inflation. State-controlled prices for diesel and gasoline were raised 10 percent on Nov. 1 in an effort to curb demand amid a fuel shortage.
The government has raised interest rates and boosted bank reserve requirements repeatedly this year, seeking to curb a boom in construction and investment that regulators worry could trigger a financial crisis.
"China's tightening to-date has not amounted to much in real terms," Michael Kurtz, an economist at Bear Stearns Asia, said in a report released Monday. "China's senior leaders are growing singularly alarmed over inflation heading into 2008."
AP Business Writer Elaine Kurtenbach in Shanghai contributed to this report.
CHINA'S crude oil imports rose for a 13th month in November as refiners in the fastest-growing major economy expanded production in a bid to end the worst fuel shortage in two years. Imports gained 0.5 percent from a year earlier to 13.61 million tons, about 3.3 million barrels a day, the General Administration of Customs said in Beijing yesterday. Purchases in the first 11 months jumped 12.5 percent to 150.3 million tons. Exports dropped 41 percent to 3.19 million tons in January to November and were 280,000 tons last month.
China's value-added industrial production up 17.3% in Nov.
By Chris Oliver
Last update: 11:28 p.m. EST Dec. 12, 2007
HONG KONG (MarketWatch) -- China's value-added industrial production climbed 17.3% in November from a year earlier, easing from a 17.9% gain in October, the National Bureau of Statistics said in a statement. The figure was slightly below economists' expectations for an 18% rise. In the first 11 months of the year industrial output in China has climbed 18.5%, the statistics bureau said. Among individual product categories of industrial production for the month, textiles rose 14.3%, cement increased 10.1%, rolled steel climbed 12.7% and automobiles increased 21.7%.
BEIJING (AP) - China's global trade surplus totaled $26.28 billion in November, the government announced Tuesday as top American officials were in Beijing to discuss trade, currency and Chinese product safety issues. The figures show that foreign demand for low-cost Chinese goods has stayed strong despite a string of foreign recalls and warnings over faulty or tainted Chinese goods ranging from toothpaste to tires.
For the first 11 months of the year, China's trade surplus has reached $238.9 billion, 53 percent more than the same period a year ago.
Chinese leaders say they are not actively pursuing huge surpluses and have imposed new taxes to restrain exports of steel, plastic and other goods deemed too dirty or energy-intensive.
Exports totaled $117.62 billion in November, up 22.8 percent from the same month last year, according to China's General Administration of Customs.
But in a positive sign, imports rose at a faster rate, up 25.3 percent, to $91.34 billion. November's surplus was also down slightly from the monthly record $27.05 billion hit in October.
The release of the figures comes amid demands by some U.S. lawmakers for sanctions if Beijing fails to ease currency controls they believe contributes to China's bulging trade gap. The European Union has also pressed China for action on its currency.
U.S. Treasury Secretary Henry Paulson is leading a team of American officials in Beijing for talks Tuesday with the one-day meeting of the China-U.S. Joint Commission on Commerce and Trade that deals with near-term regulatory and legal issues.
That is followed Wednesday and Thursday by the third round of the Strategic Economic Dialogue that grapples with longer-term economic plans.
The customs office did not give separate figures for China's surplus with the United States.
According to U.S. Commerce Department figures, the U.S. trade deficit with China is on track to surpass last year's record $233 billion.
5 comments:
China's Nov. retail sales surge 18.8% to 810 bln yuan
By Chris Oliver
Last update: 12:56 a.m. EST Dec. 12, 2007
HONG KONG (MarketWatch) -- China retail sales surged 18.8% to 810.5 billion yuan ($109.92 billion) in November, accelerating from an 18.1% rise in October, the National Bureau of Statistics said in a statement Wednesday. The figure was the fastest pace of growth on a monthly basis since the government started gathering the data in 1999, according to wire reports. China's retail sales for the first 11 months of the year totaled 8.0195 trillion yuan, up 16.4% from the year-earlier period. The government said November retail sales in urban areas rose 19.2% and those in rural areas were up 18%. Urban retail sales amounted to 542.6 billion yuan, more than double the 267.8 billion yuan in rural areas. Among notable retail sales gainers, food jumped 29.9%, apparel rose 29%, grain and edible oils jumped 48%, furniture added 59.5% and sports equipment climbed 31.8%, according to the government data.
China's inflation rate jumps in November
By HENRY SANDERSON
Associated Press Writer
Tue, Dec. 11, 2007
BEIJING --China's inflation surged to its highest rate in 11 years last month while its trade surplus swelled, the government said Tuesday, adding to pressure for the central bank to raise interest rates and loosen currency controls.
Rising food and oil prices lifted November's consumer price index 6.9 percent from the same period last year, the National Bureau of Statistics said. That is well above the government's inflation target of 3 percent and was the biggest increase since 1996, according to Xinhua News Agency.
The recent price rises are politically sensitive for China's communist leaders because the country's vast, poor majority spend a big share of their incomes on food and fuel.
To control what appears to be an overheating economy, authorities look likely to move more aggressively in tightening credit and curbing inflation, economists said.
"This will give a significant warning signal and the government will tighten measures further," said Hong Liang, a senior economist with Goldman Sachs in Hong Kong.
Meanwhile, the General Administration of Customs reported that China's global trade surplus totaled $26.28 billion in November.
While that was down slightly from the previous month's record of $27.05 billion, so far this year China's trade gap has reached $238.9 billion, 53 percent larger than during the first 11 months of 2006.
Exports rose 22.8 percent to $117.62 billion, while imports rose at a faster rate, up 25.3 percent, to $91.34 billion.
The figures show that foreign demand for low-cost Chinese goods remains strong despite a slew of consumer safety recalls and the weakening economic outlook in the U.S.
Top American officials are in Beijing this week for talks on Chinese product safety as well as trade, currency and intellectual property issues. The two countries signed agreements Tuesday on safeguarding the quality of food and drugs imported into the U.S. from China.
The meetings are likely to be overshadowed by protests from U.S. lawmakers over China's massive trade surplus and its currency controls, which critic say keeps the Chinese yuan undervalued, giving Chinese exports an unfair advantage. The U.S. Congress is considering several proposals to impose punitive tariffs on imports from China if Beijing fails to loosen its currency regime.
Since revaluing the yuan in July 2005, Beijing has let the yuan appreciate 8.9 percent against the dollar in tightly controlled trading.
Economists argue that letting the yuan rise faster would help trim China's trade surplus while also aiding the central bank's efforts to cool inflation.
"While triggered by the food prices, the inflation issue has evolved into more of a macroeconomic problem," Citigroup Global Markets economist Yiping Huang said in a report released Tuesday.
"We expect the government to let the currency rise more quickly in the coming year, alongside measures directly managing" money supply, Huang said.
Food prices, which account for one-third of the consumer price index, jumped 18.2 percent in November, compared with an increase of 17.6 percent in October, the statistics bureau said.
Prices for pork, a Chinese mainstay, drove the increase. Pork prices have surged recently due to an outbreak of blue ear disease, which killed 70,000 animals and prompted the government to destroy thousands more.
Beijing is pressing farmers to raise more pigs, promising free vaccinations and other aid. Price pressures should ease when a new grain crop is harvested and more pigs come to market.
But food, while important, is not the sole factor driving inflation. State-controlled prices for diesel and gasoline were raised 10 percent on Nov. 1 in an effort to curb demand amid a fuel shortage.
The government has raised interest rates and boosted bank reserve requirements repeatedly this year, seeking to curb a boom in construction and investment that regulators worry could trigger a financial crisis.
"China's tightening to-date has not amounted to much in real terms," Michael Kurtz, an economist at Bear Stearns Asia, said in a report released Monday. "China's senior leaders are growing singularly alarmed over inflation heading into 2008."
AP Business Writer Elaine Kurtenbach in Shanghai contributed to this report.
China's crude oil imports climb for a 13th month
2007-12-11 23:18:07 Shanghai Daily
CHINA'S crude oil imports rose for a 13th month in November as refiners in the fastest-growing major economy expanded production in a bid to end the worst fuel shortage in two years. Imports gained 0.5 percent from a year earlier to 13.61 million tons, about 3.3 million barrels a day, the General Administration of Customs said in Beijing yesterday. Purchases in the first 11 months jumped 12.5 percent to 150.3 million tons. Exports dropped 41 percent to 3.19 million tons in January to November and were 280,000 tons last month.
China's value-added industrial production up 17.3% in Nov.
By Chris Oliver
Last update: 11:28 p.m. EST Dec. 12, 2007
HONG KONG (MarketWatch) -- China's value-added industrial production climbed 17.3% in November from a year earlier, easing from a 17.9% gain in October, the National Bureau of Statistics said in a statement. The figure was slightly below economists' expectations for an 18% rise. In the first 11 months of the year industrial output in China has climbed 18.5%, the statistics bureau said. Among individual product categories of industrial production for the month, textiles rose 14.3%, cement increased 10.1%, rolled steel climbed 12.7% and automobiles increased 21.7%.
China Trade Surplus Hits $26.28B in Nov.
Tuesday December 11, 2007
BEIJING (AP) - China's global trade surplus totaled $26.28 billion in November, the government announced Tuesday as top American officials were in Beijing to discuss trade, currency and Chinese product safety issues. The figures show that foreign demand for low-cost Chinese goods has stayed strong despite a string of foreign recalls and warnings over faulty or tainted Chinese goods ranging from toothpaste to tires.
For the first 11 months of the year, China's trade surplus has reached $238.9 billion, 53 percent more than the same period a year ago.
Chinese leaders say they are not actively pursuing huge surpluses and have imposed new taxes to restrain exports of steel, plastic and other goods deemed too dirty or energy-intensive.
Exports totaled $117.62 billion in November, up 22.8 percent from the same month last year, according to China's General Administration of Customs.
But in a positive sign, imports rose at a faster rate, up 25.3 percent, to $91.34 billion. November's surplus was also down slightly from the monthly record $27.05 billion hit in October.
The release of the figures comes amid demands by some U.S. lawmakers for sanctions if Beijing fails to ease currency controls they believe contributes to China's bulging trade gap. The European Union has also pressed China for action on its currency.
U.S. Treasury Secretary Henry Paulson is leading a team of American officials in Beijing for talks Tuesday with the one-day meeting of the China-U.S. Joint Commission on Commerce and Trade that deals with near-term regulatory and legal issues.
That is followed Wednesday and Thursday by the third round of the Strategic Economic Dialogue that grapples with longer-term economic plans.
The customs office did not give separate figures for China's surplus with the United States.
According to U.S. Commerce Department figures, the U.S. trade deficit with China is on track to surpass last year's record $233 billion.
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