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News from China
Chinese yuan strengthens to 20-month high against USD
2nd January 2018

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened to a 20-month high against the U.S. dollar on the second trading day of 2018.

 
The rate strengthened 159 basis points to 6.4920 against the dollar, according to the China Foreign Exchange Trade System.
 
It was the strongest level since May 3, 2016, following a rally of 263 basis points on Tuesday.
 
The yuan's onshore exchange rate strengthened by 6.72 percent last year, the sharpest annual appreciation in nine years, according to calculations by financial information provider Eastmoney.com.
 
The currency's robust performance was the result of a weaker dollar, sound economic fundamentals, improved regulation on capital flows, a relatively tightened monetary environment and increased global use of the currency.
 
"The RMB will hold steady against a basket of currencies in 2018, with two-way movements becoming a norm," said a research report from China Everbright Bank.
 
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
 
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
 
Source: Xinhua
China's manufacturing sector to continue expanding in 2018
1st January 2018

 China's manufacturing sector is expected to continue expanding in 2018 despite the slight decline of an index, said investment bank China International Capital Corporation (CICC).

 
China's manufacturing purchasing managers' index (PMI) came in at 51.6 in December, slightly decelerating from 51.8 in November, according to the National Bureau of Statistics (NBS) data released Sunday.
 
The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect," as there were two fewer working days in December 2017 compared with last year, said a CICC research report.
 
However, it is worth noting that China's manufacturing continued to upgrade, it said. PMI for the high-tech sector picked up further to 53.8 in December from 53.2 in November, NBS data showed.
 
The investment bank also noted the "strong momentum" that the Chinese economy's external demand growth had maintained.
 
The New Export Orders Index picked up notably to 51.9 from 50.8 in November, "partially driven by the rush of holiday season orders," said CICC, adding that China's export demand may continue to benefit from a global synchronized recovery.
 
Despite the negative impact from the working day effect and lower inventory, December manufacturing PMI indicated that the Chinese economy continued to pick up strength, CICC said.
 
China's economic recovery and manufacturing capacity expansion cycle are likely to be in the early days and have more legs to run on, CICC said, reiterating its outlook for the Chinese economy in 2018.
Source: Xinhua
Shares rise on boost from distilleries
28th December 2017
Shanghai stocks rallied yesterday, boosted by distilleries as Kweichow Moutai raised the price of its fiery liquor.
 
The Shanghai Composite Index gained 0.63 percent to end at 3,296.38 points.
 
Distilleries surged, with the sub-index up 5.16 percent.
 
Kweichow Moutai Co, China’s leading liquor maker, jumped 8.21 percent to 718.69 yuan (US$110) after announcing a rise of at least 10 percent in its product prices next year and forecasting a 58 percent increase in 2017 profit on the back of a 50 percent gain in revenue.
 
Moutai’s gains spilled over to other distilleries. Sichuan Swellfun Co rose 3.84 percent, and Shanxi Xinghuacun Fen Wine Factory Co added 3.32 percent.
 
Nonferrous-metal makers such as Zijin Mining Group Co, Henan Zhongfu Industrial Co and Jiangsu Lidao New Material Co all surged by the daily limit of 10 percent, boosted by news that world copper futures prices hit a record high over the past 55 months at US$7,240 yuan per ton on the London Metal Exchange.
 
Xining Special Steel Co also jumped by the daily 10 percent cap to 5.68 yuan. Industrial raw materials such as nonferrous metal and steel have enjoyed profit and price gains over the year on the back of China’s supply-side reform and industrial upgrading, Chuancai Securities said in a note.
Source: Shanghai Daily, December 29, 2017
Small Chinese firms see green objective
28th December 2017

 LMOST a third of medium-sized Chinese companies consider having a sustainable impact on the community and environment as one of their top three long-term objectives, an HSBC survey has found.

 
The proportion is slightly above the global average of 30 percent, HSBC said in a report yesterday.
 
More than half of the surveyed Chinese firms said sustainable business practices will improve their growth and profitability, while 34 percent of the companies believed becoming a more sustainable business would contribute to improving their financial performance over the next three years, the survey found.
 
The survey covered more than 1,400 decision-makers at companies with between 200 and 2,000 employees across 14 countries and regions.
 
The growing green awareness of companies echoes with Chinese authorities’ determination to protect environment.
 
China’s economic development has entered a new era and the basic feature is that the economy has shifted from high-speed growth to a stage of high-quality development, according to a statement issued last week after the annual Central Economic Work Conference
Source: Shanghai Daily, December 28, 2017

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