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China Commerce Ministry says export figures normal, will monitor flows to HK SHANGHAI: China's Commerce Ministry said that strong exports in September were normal but it will monitor flows to Hong Kong, appearing to respond to suspicions that Chinese currency speculators have returned to manipulating trade invoices to bet on a rising yuan.Beijing has struggled to prevent currency speculators from using simulated trade between Hong Kong and bonded customs zones using metals or lightweight items such integrated circuits to get more yuan on hand, circumventing controls on capital flows.Such flows have been repeatedly blamed for producing mysterious spikes in exports even while trade with other Asian neighbors has fallen.The yuan has been on a steady rally in recent weeks. It opened at its highest level since March on Thursday morning.The ministry also said it expects China's foreign direct inflows to remain stable this year. China's net Jan-Sept FDI declined for a third consecutive month in September.It said it expects retail sales to ...


South Korea finance minister sees downside risks to growth SEJONG: South Korea's finance minister said on Thursday the economy faces downside risks, possibly endangering the government's growth target of 3.7 percent for this year. "Growth in the first half of the year has been weak, so although we target 3.7 percent growth for this year, there are downside risks," Finance Minister Choi Kyung-hwan told lawmakers during a parliamentary audit in the ministry's headquarters in Sejong. "Although there are risks, we plan to make our ...

China large steelmakers' daily output inches up in early Oct BEIJING: Average daily crude steel output from China's large steel mills inched up 0.8 percent to 1.8 million tonnes in the first 10 days of October, data from the China Iron and Steel Association (CISA) showed on Thursday.CISA also said that steel product stockpiles at major mills reached 15.689 million tonnes by Oct. 10, up 5.2 percent compared to the end of September.According to a research note by online trading portal GTXH.com, five of CISA's ...

Bank of China bolsters balance sheet with $6.5bn issue HONG KONG: Bank of China (BoC) on Thursday sold $6.5 billion worth of contingent capital, launching a landmark wave of fundraising by China's biggest banks as they strengthen their balance sheets to meet new global bank capital rules. It is the first time a Chinese bank has issued so-called additional Tier 1 preference shares, instruments which behave like bonds and convert into common equity if the bank's core capital falls below certain trigger ratios. It ...

Treasuries prices touch new highs as US data disappoints NEW YORK: US Treasuries prices jumped on Wednesday, with the 30-year bond touching a near two-year high as disappointing U.S. economic data aggravated widening worries about a global slowdown.Prices of 30-year Treasuries rose more than 5 points to yield as little as 2.673 percent, a level last seen in November 2012, before pulling back.The long bond last traded up 2-11/32 points and yielded 2.847 percent. On Friday, the maturity yielded 3.015 percent.Benchmark 10-year notes added ...

Bank of America reports $70mn loss on legal charge NEW YORK: Bank of America Wednesday reported a third-quarter loss due to a large mortgage-securities settlement, even as the financial giant scored gains in four of five operating divisions.The second-largest US bank by assets notched a net loss of $70 million due to a previously announced $5.3 billion charge following a record mortgage-securities settlement with the US Department of Justice in August.BofA's results translated into a loss of one cent per share, well below the ...

Statoil's CEO quits for top job at BG Group OSLO/LONDON: Statoil's long-serving chief executive Helge Lund unexpectedly quit on Wednesday to take on the top role at smaller rival BG, where he has been promised a big pay rise if he can turn round the flagging British gas and oil producer.Lund, who in 10 years transformed Norway's once domestic-focused state oil firm into a $77 billion international major, now faces a new set of problems at BG, Britain's third-largest energy firm, which has been ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln