China Gets First Approval for Australia Acquisition
Australian Treasurer Wayne Swan refused to block Hunan Valin Steel's (Valin) taking a stake in Fortescue Metals Group (FMG), Australia's third largest iron ore company. Valin will become FMG's second largest share holder and gain a seat on FMG's board. Other deals, involving Chinalco, Minmetals, and Ansteel, have been blocked or are still in the works.
A-Share Market: QFIIs Net Selling, Individual Investor Trading Dwarfs the Big Guys
China's A-share market is seeing its largest rebound since it turned bearish well over a year ago, this year's first two months having seen the SSE Component Index rise by a surprising 17.31%. It had been expected that Qualified Foreign Institution Investors (QFIIs) would lead this round's bounce, but according to the Shenzhen Stock Exchange's latest figures, QFIIs in fact net sold their shares in January and February.
Official PMI Tops 50: Is China's Manufacturing out of Woods?
March's official Purchasing Managers' Index (PMI) for China's manufacturers, just released by China Federation of Logistics and Purchasing, was 52.4, 3.4 points higher than in February. After a 4-month rebound, the official PMI again stands above 50%, the "Bull/Bear line" reflecting overall economic expansion. It has been below the line for 6 consecutive months.
Wooing iPhone: the Saga of China Mobile and Unicom
With the news that China Unicom will soon introduce Apple's iPhone in China, it seems iPhone is only one step away from users here. However, with smuggled iPhones popular in China while iPhone is getting a cold shoulder in Japan, what conditions China Unicom will accept from Apple may stir up a sensation. China Mobile and Hong Kong CSL have not been willing so far to accept what they term iPhone's arbitrary conditions. Operators have developed a love-hate relationship towards iPhone and Apple.
New Top Think Tank Helps Beijing Pinpoint Its New Global Role
China's policy-makers have felt and have been shown to be unprepared to address the ongoing financial crisis affecting the world's economy, with much economic and official thinking marked by bad analysis, weak forecasting and a lack of any effective coordination. With the recent G20 financial summit in London as a landmark, China must now participate in the reform of the global financial order in an all-round way, and the existing government decision-making mechanism is itself in for some serious reform.
Canada Also Is the Frontier of China's "Foreign Exchange to Resources"
Besides constantly acquiring in Australia, Chinese state-owned enterprises (SOEs) are also eyeing Canada's rich oil sand and iron ore resources.
Gold Speculators Itching to Jump on Any China "Dollar Bust" Policy
Why is the market hyping gold? Malicious inflation, steep USD depreciation, the collapse of the global monetary system, conflicts between China and US due to the depreciation of China's forex reserve, China's selling of USD and purchases of gold, the only choice for the country at the moment-all can be reasons.
Bank Lending Binge Continues, But for How Long?
After new bank lending reached over one trillion yuan in both January and February, March also saw more than one trillion yuan in new credit flow out the bank doors. The big banks are still running for the big projects involved in the government's economic stimulus plan, but a big part of funds lent for bill financing is continuing to flow into the stock market. And a large percentage of the financing is long-term and is boosting banks' NPL risk.
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