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News from China
Yuan’s central parity rate weakens
1st June 2016

 THE central parity rate of the yuan weakened further by six basis points yesterday to 6.5790 against the US dollar, the lowest level since February 2011, according to the China Foreign Exchange Trading System.

The fall followed Monday’s drop of 294 basis points, which dragged the central parity rate of the yuan to its weakest point in more than five years.

The tumble came after US Federal Reserve Chair Janet Yellen said at Harvard University on Friday that an interest rate hike in the next few months would probably be appropriate if economic data improve. Her comments boosted the US dollar against other major currencies.

Despite the fluctuations, there remains only limited concern over the yuan’s depreciation pressure among market observers.

“China has allowed greater flexibility in the renminbi (yuan) exchange rate while maintaining its stability,” said a report issued by China International Capital Corp on Monday.

Source: Shanghai Daily, June 1.
Lenders help share index to close up
31st May 2016

 SHANGHAI stocks edged up yesterday, helped by banks while transport and property shares sank as uncertainty over monetary policy clouded trading sentiment.

The Shanghai Composite Index added 0.05 percent, or 1.4 points, to close at 2,822.45 points.

China Everbright Bank Co rallied 1.41 percent to 3.60 yuan (55 US cents) and China Merchants Bank added 1.02 percent to 17.84 yuan.

Transport shares fell as shrinking demand curbed shipping freight. China Cosco Holdings Co Ltd sank 1.16 percent to 5.11 yuan while China Shipping Development Co lost 1.15 percent to 6 yuan.

Gemdale Corporation shed 0.18 percent to 10.89 yuan and COFCO Property (Group) Co lost 1.08 percent to 9.13 yuan.

Investment consultant Fan Bo at AVIC Securities said in a note yesterday the key index may rise after the release of macroeconomic data this week.

The People’s Bank of China yesterday cut the daily fixing by 0.45 percent to 6.5784 per dollar, the weakest since February 2011.

Source: Shanghai Daily, May 31, 2016
Industrial Internet plan
30th May 2016

 SHANGHAI is pushing the development of industrial Internet under a three-year plan from this year to boost industrial output and upgrade its economic structure, according to government officials yesterday.

The city will boost the information structure and technology applications in six strategic industries including advanced equipment manufacturing and biological medicine. The technologies include data analysis, 4G and 5G communications, industrial robots and various Internet applications, according to the officials.

“The industrial Internet is a catalyst for the city’s long-term strategy to establish itself as a global tech and innovation center,” said Zhou Bo, Shanghai’s vice mayor.

Local industrial giants including Lingang Group and SAIC Motor are involved in the three-year plan from 2016 to 2018.

“We can seek unique opportunities in Shanghai of integration between traditional industries and latest technologies,” said Wang Dong, founder and CEO of Zhaogang.com which trades steel and iron products online.

Source: Shanghai Daily, May 30, 2016
Anger over latest US trade tariffs
27th May 2016

 CHINA’S Ministry of Commerce yesterday slammed a new final ruling from the United States against Chinese steel.

The US Commerce Department on Wednesday announced anti-dumping duties of 209.97 percent and anti-subsidy duties of 39.05 percent on corrosion-resistant steel from China.

“The United States has deliberately suppressed Chinese bulk steel commodities, including cold-rolled flat steel and corrosion-resistant steel,” and “this not only harms Chinese steel firms, but also impedes trade and cooperation between the two countries,” the ministry said in a statement.

“China will take all necessary measures to gain fair treatment and safeguard the interests of enterprises,” it said.

Source: Shanghai Daily, May 27. 2016

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