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China bank lending up in June: central bank SHANGHAI: China's bank lending picked up in June from May, the central bank said Tuesday, as authorities accelerated infrastructure investment to boost the flagging economy, but analysts warned of a possible debt bubble.Domestic banks granted 1.08 trillion yuan ($174 billion) in new loans for June, up from 870.8 billion yuan a month earlier, the People's Bank of China (PBoC) said in a statement.The June figure beat an average forecast of 980 billion yuan, according to a poll of 20 economists by the Wall Street Journal.China has in recent months rolled out a "mini-stimulus" package, including targeted monetary easing and speeding up infrastructure spending, to spur economic growth.However, China Merchants Bank analyst Liu Dongliang wrote in a research note: "On the positive side, the massive scale of credit... should provide a solid foundation for an economic recovery."But the overly fast growth in June loans may result in excess capacity and inflated ...

Australian financial inquiry warns on housing boom SYDNEY: An inquiry into Australia's financial system highlighted in a report Tuesday the risks its booming housing sector has on economic stability and perceptions its major banks are "too big to fail".The inquiry is the first major investigation into the finance sector since 1997 and follows the global economic crisis, which revealed the risks and damage caused by banking collapses."The financial crisis has changed the way we think about vulnerabilities," inquiry chairman David Murray, a ...
Indonesia central bank puts June trade deficit at around $300mn JAKARTA: Indonesia's trade balance likely slipped back into deficit of around $300 million last month, central bank governor Agus Martowardojo said on Monday. He also said the current account deficit for this year would be around 3 percent of GDP. A previous central bank estimate predicted it would be less than 3 percent. The governor told reporters that imports were still increasing, pointing to a wider deficit in oil and gas by the former OPEC ...
China June new bank loans 1.08 trillion yuan, beat expectations BEIJING: Chinese banks lent 1.08 trillion yuan ($173.90 billion) worth of new yuan loans in June, beating expectations of 915 billion yuan, central bank data showed on Tuesday, as Beijing stepped up efforts to stimulate the economy. Broad M2 money supply jumped 14.7 percent last month from a year earlier, the People's Bank of China said in a statement on its website, also higher than a forecast of 13.5 percent in a Reuters poll of ...
BoJ stands pat on policy, trims economic forecast TOKYO: The Bank of Japan kept monetary policy steady on Tuesday and slightly trimmed its economic growth forecast for the current fiscal year, reflecting soft exports and a bigger-than-expected slump in household spending after the April sales tax hike. In a quarterly review of its long-term projections, the central bank maintained its forecast that consumer inflation will gradually accelerate towards its 2 percent target next year. As widely expected, the BoJ voted unanimously to maintain ...
Citigroup to pay $7bn subprime mortgage settlement: report NEW YORK: Federal regulators and Citigroup are set to announce Monday a $7 billion settlement to resolve charges that the bank sold faulty mortgage-backed securities ahead of the 2008 financial crisis, US media reported.The deal ends months of negotiations between US Treasury Department investigators and Citigroup, people briefed on the matter told The New York Times.Citigroup initially proposed paying $363 million, while the Department of Justice was seeking $12 billion and threatening to sue the ...
Malaysian CIMB mega bank merger comes with 'risks': Fitch KUALA LUMPUR: Ratings agency Fitch warned on Monday that a merger plan by Malaysia's second largest bank CIMB Group with RHB Capital and Malaysia Building Society to create the country's biggest lender was fraught with risk."The proposed merger of CIMB, RHB and Malaysia Building Society (MBSB) is ambitious, and will bring inherent challenges and risks for the new banking group amid a complex integration process," Fitch Ratings said in a statement.Last week, CIMB, RHB Capital, ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln