China to inject new vitality into global recovery
DHAKA – China is set to drive global economic growth and inject new vitality into global recovery, a leading Bangladeshi economist told Xinhua in an interview on Monday. “China did well during COVID-19 which may be the example for other nations,” said Md Aynul Islam, general secretary of the Bangladesh Economic Association (BEA), noting that…
Chinese yuan weakens to 6.7134 against USD Tuesday
BEIJING, – The central parity rate of the Chinese currency renminbi, or the yuan, weakened 235 pips to 6.7134 against the U.S. dollar Tuesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each…
The evening report
Latest News The Aussie sharemarket started the week on the back foot and was down as much as 1.6 per cent, before finishing 1.2 per cent or 85 points lower, to 7121. This comes after a rather weak lead from Wall St on Friday, where major indices closed lower for a fifth straight week. Locally,…
China’s foreign trade up 7.9 percent in first four months
BEIJING, – China’s total imports and exports expanded 7.9 percent year on year to 12.58 trillion yuan in the first four months of 2022, official data showed Monday. In U.S. dollar terms, total foreign trade came in at 1.98 trillion U.S. dollars in the period, up 10.1 percent year on year, according to the General…
the outlook of China’s economy
ST. GALLEN, Switzerland,- ABB remains bullish about the outlook of the Chinese economy and expects a boost from China to the firm’s electrification, automation and robotics business, said the chairman of the Swiss engineering and automation group. “We had significant order growth in the first quarter in China,” Peter Voser told Xinhua at the 51st…
China’s gold reserves
BEIJING, – China’s gold reserves stood at 62.64 million ounces at the end of April, unchanged from that at the end of March, central bank data showed Saturday. Official data also showed that China’s foreign exchange reserves fell to 3.1197 trillion U.S. dollars at the end of April, down 68.3 billion U.S. dollars, or 2.14…
China greenlights sci-tech innovation IPO
BEIJING, – China’s securities regulator has approved the initial public offering (IPO) of Hubei Chaozhuo Aviation Technology Co., Ltd. on the science and technology innovation board. The company will be listed on the Shanghai Stock Exchange’s sci-tech innovation board, also known as the STAR market, according to the China Securities Regulatory Commission. The issuance should…
Why buying the global shares’ dip may make sense
Buying the dips has usually made sense. In the 14 years since the financial crisis, it has generally paid to assume that central banks or the government would ride to the rescue at the first sign of trouble in the markets. Don’t fight the Fed has been a profitable mantra. It’s not just the desire…
Why the RBA should go easy on rate hikes
One of the stranger things about the Reserve Bank’s announcement of why it’s lifting interest rates by 0.25 percentage points is that it suggests inflation will come down by itself. “A further rise in inflation is expected in the near term,” the RBA says, “but as supply-side disruptions are resolved, inflation is expected to decline…
CommSec Morning Report Monday
Latest news • In US economic data, non-farm payrolls (jobs) rose by 428,000 in April (survey: 391,000). The jobless rate was unchanged at 3.6% (survey: 3.5%). Average weekly earnings rose 0.3% in April (survey:+0.4%) and fell from an annual rate of 5.6% to 5.5% as expected. Consumer credit rose by US$52.43 billion in March (survey:…
