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More good news from China

China’s passenger car sales rose 59.3% y/y in August, a marked improvement from the 15.4% y/y rise seen in July.

By Gerry Davies  || September 1, 2010 at 06:42 GMT
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China CBank: Euro debt crisis will not have big impact on Chinese economy

  • Chinese economic growth to slow, but no double dip
  • Inflationary pressure has eased
  • New bank lending in 2010 will be within 7.5 trln yuan if maintains June level
  • Yuan reform to help keep exchange rate stable
By Gerry Davies  || July 27, 2010 at 10:24 GMT
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China’s industrial output growth to reach 13% this year – Minister

Up from previous estimate of 11%.

By Gerry Davies  || July 22, 2010 at 09:39 GMT
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China to let renminbi fall if exports drop

They ain’t silly.

By Gerry Davies  || July 21, 2010 at 05:00 GMT
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China’s economy is headed towards expected direction – Parliament economic group

  • Faces many economic uncertainties
  • Has a serious task to manage inflationary expectations
  • Will continue to implement exisiting policies in H2
  • Will maintain reasonable money, credit growth
  • Will firmly curb overly fast property price rises in some regions
By Gerry Davies  || July 16, 2010 at 10:11 GMT
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EUR/USD very marginally easier in Asian trade

EUR/USD is down at 1.2260 from a North American close Monday up around 1.2275, with EUR/JPY down at 109.00 from around 109.70.  There has been an uptick in risk aversion with Asian stocks trading lower, while oil is off close to three quarters of a buck.

Worries concerning a slowdown in the Chinese economy have been exacerbated by the Conference Board correcting its’ April gauge for the outlook of China’s economy.

Not much at all in way of euro zone data today:

06:45 GMT: French consumer confidence for June expected -39 from previous -38

09:00 GMT: Euro zone consumer confidence for June (final) expected -17

Talk of sell stops now just below 1.2250.

European stocks seen opening lower this morning, FTSE down around 1%, DAX  around 0.8%.

By Gerry Davies  || June 29, 2010 at 04:51 GMT
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For those with interest in AUD/USD, just reading…

Dow Jones piece. Westpac recommending selling AUD/USD in high .8700’s/low. 8800’s region, “represents good risk reward at start of Q3.”

Downside target .8400, stop just above .8900, which covers 61.8% retracement level of the high .9300 to .8000 downside move.

Westpac say “market is not recognising the potential for a further slowing in Chinese data momentum over the next month.”

By Gerry Davies  || June 28, 2010 at 06:11 GMT
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PBOC advisor Li Daokui: Yuan likely to rise about 3% vs dlr by end-2010 if euro steadies

  • Yuan reform will not cause big capital inflows or outflows
  • Reform has limited impact on interest rate decisions
By Gerry Davies  || June 24, 2010 at 07:30 GMT
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China Vice Commerce Minister: Yuan reform will be gradual, controllable

That’s probably gradual with a capital G.

By Gerry Davies  || June 21, 2010 at 09:39 GMT
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Chinese yuan will not be a seperate issue of discussion at G8/G20 meeting in Toronto – Kremlin aide

Might not be a seperate issue of discussion, but it’ll sure get discussed alot. 

I was earlier reading a comment by Goldman’s Jim O’Neil who has opined that the move to relax yuan’s peg to dollar “Is bullish for risky assets. China has become more optimistic about growth and doesn’t see the euro zone debt crisis having a material effect.”

All I can say is I hope the Chinese are right regarding the euro zone debt crisis.

EUR/USD steady around 1.2450.

By Gerry Davies  || June 21, 2010 at 06:48 GMT
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