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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	1/1/2011 1:49:28 PM
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China Manufacturing Growth Slows as Interest Rates Rise to Curb Inflation By Bloomberg News - Jan 1, 2011 China’s manufacturing grew at the weakest pace in three months in December after the government tightened monetary policy to restrain inflation and closed factories to meet energy-efficiency targets. The Purchasing Managers’ Index fell to 53.9 from 55.2 in November, the first decline in five months, a report from the China Federation of Logistics and Purchasing showed yesterday. That was less than the median estimate of 55 in a Bloomberg News survey of 13 economists. A measure of manufacturers’ input costs also fell. Premier Wen Jiabao is seeking to choke off the fastest inflation in more than two years and limit asset bubbles without undermining growth in the economy that led the recovery from the global financial crisis. Central bank Governor Zhou Xiaochuan pledged Dec. 31 to try to keep prices “basically stable” this year, after a second interest-rate increase in three months on Christmas Day. “It’s good to reduce inflation pressures,” said Ken Peng, a Beijing-based economist at Citigroup Inc. “I do not see much risk of a sharp economic slowdown.” Yesterday’s reading was higher than in the months of June through September. Besides raising rates, the central bank increased the proportion of deposits that lenders must set aside as reserves six times last year and allowed the yuan to gain 3.6 percent against the dollar. Read more bloomberg.com

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