» 06/21/2012, 00.00
Chinese Manufacturing falls in June for the eighth consecutive month
In June the PMI fell to 48.1 (in May it was at 48.4), domestic demand is rising very slowly, although there are many promises made by leadership
Beijing (AsiaNews) - For the eighth consecutive month, the
industrial sector has declined, with a decrease in foreign orders. The figures
were issued today by the authoritative HSBC Flash Purchasing Managers Index,
according to which the Chinese PMI for the month of June fell to 48.1. In May
it was 48.4. For the eighth consecutive month, the PMI is thus below 50: anything
above this figure is a sign of growth, below 50 is a sign of contraction.
Today's figures contrast with comments made by Chinese
leaders. On June 17, President Hu Jintao said the country has taken
"targeted measures" to support domestic demand. China's problem is
that its economy still relies heavily on exports. Because of the crisis in
Europe and the United States, exports have fallen.
To sustain domestic demand, last May Beijing opened to
private investment a number of sectors that formerly had been monopolized by
the state, such as railways, hospitals, power plants and energy transmission.
It also launched a new wave of infrastructure projects and this month has once
again cut interest rates.
The PMI of HSBC does not often coincide with the official
one. The reason is that the government takes into account more the state
companies; HSBC's estimate is based more on private companies, which feel the
crisis more than state companies, that are funded more easily.
Chinese Banks Close to Collapse. Fears of zero growth
The Chinese Financial Index fell by 24%, more than that of European and American bank stocks. Chinese banks are plagued by insolvent debts due to loans to local governments and the stagnant property market. The country's growth, currently estimated at 9.5%, is at risk
The yuan reaches a 19-year high. More optimistic forecasts for China
The Bank of China has set a rate of 6.28840. The PMI rose to 50.4 in November, showing that the country is emerging from nearly two years of economic contraction. In two months, foreign equity funds have increased by billion.
Chinese banks reach lending ceiling
New loans for 2010 will stop today. Beijing is facing worst inflation of the decade, fears social unrest caused by rising food prices. For this reason, it is providing financial aid to the poor and trying to contain prices. Experts say it is not enough.
Bank loans and China’s economy recovery: risk of a speculative bubble?
In the first half of the year Chinese banks have lent more than a trillion dollars, most of it apparently in speculative investments. Now Beijing wants to rein in the trend but a number of consequences are possible.
Fears of an economic tsunami grow, especially in Asia
As involvency grows in the US subprime market the banking system becomes more dysfunctional. As lending to firms, consumers and governments is tightened, the crisis spreads to the whole economy.
Pope Francis tells young people that “genuine love” is not a “soap opera”, but Christians’ real identity card
In his homily for the Jubilee of Teens, Pope Francis asked questions and gave answers to the 70,000 present. Stressing the great ideal of love as giving oneself “without being possessive”, he noted that freedom is “being able to choose the good”. He warned young people “who dare not dream,” telling them that “If you do not dream at your age, you are already ready for retirement”. He also received funds raised for the Ukraine, and appealed for the release of bishops and the priests held in Syria.
Odd alliance between the US and Iranian fundamentalists
Washington is still preventing the use of US dollars in transactions with Iranian banks, preventing business with the outside world in spite of the nuclear deal. This way, the US is helping Khamenei and the Revolutionary Guards, who want to torpedo the agreement in order to maintain their hold on power. Meanwhile, most Iranians hold down two or three jobs just to make ends meet. An unstable and bellicose Iran is a boon for arms sales. A report follows.
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