China’s central bank moves to slow yuan depreciation
The People’s Bank of China (PBOC) said on Friday it would keep its benchmark interest rate at 6 percent until the end of 2019, despite expectations for a cut. In a statement released after the close of trading, PBOC Governor Yi Gang said the central bank was committed to maintaining price stability and promoting sound economic growth. He added that the country’s economic fundamentals remained strong.
China’s economy slows further
Growth in China’s gross domestic product slowed to 6.0% year-on-year in the three months ending September 30, down from 6.1% in the previous quarter, official data showed. That was the lowest quarterly expansion since early 2016 and marked the first time GDP growth had fallen below 6% since the global financial crisis.
China’s exports fall again
Exports fell 8.9% in October from a year earlier, marking the third straight monthly decline, while imports dropped 1.8%, according to customs data released on Thursday. Imports have been falling steadily since April, reflecting weakness in demand from abroad. Exports have been declining for six consecutive quarters.
China’s trade surplus shrinks
China’s trade surplus narrowed to $25.2 billion in October, compared with $28.9 billion in September, customs data showed on Wednesday. The narrowing came amid a slowdown in Chinese exports, which contracted for five consecutive months.
China’s stock market falls
The Shanghai Composite Index closed 0.7% lower at 2,965.73 points on Thursday, extending losses from the previous session. The blue-chip CSI300 index lost 0.4%.
China’s inflation hits 4-month high
Inflation accelerated to 5.4% in November, the highest level since June last year, driven mainly by higher food prices. The consumer price index rose 0.3% over the same period, the fastest pace in four months.
China’s property sector shows resilience
Property investment in China grew at the fastest pace in nearly two years in October, suggesting the housing market may not be cooling off anytime soon. Sales of homes in the world’s second-largest real estate market increased 10.4% in October from a month earlier, the biggest gain since March 2015, according to government data released on Tuesday.