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china

PBOC Shows Signs of Tightening Monetary Policy


China's central bank may tighten monetary policy this year after saying yesterday that it would use "dynamic fine-tuning," Galaxy Securities Co. chief economist Zuo Xiaolei said. "In the first half, we had excessively loose monetary policy and now, in the second half, we're moving into appropriately loose monetary policy," Zuo said today by phone from Beijing. The Shanghai Composite Index fell for a second day, trimming this year's gain to 84 percent, on concern that the government will rein in…

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china

China vs. EU: Tariffs on Fasteners


China filed its first complaint against the European Union at the World Trade Organization, saying EU anti-dumping duties on Chinese screws and bolts break global commerce rules. The EU decided in January to impose the five-year tariffs on imports of Chinese iron or steel fasteners worth about 575 million euros ($809 million) in 2007. The 27-nation bloc said at the time that the levies would "prevent further distortions and restore fair competition." China said EU rivals haven't been sufficiently…

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china

China Development Bank Will Expand to Brazil, Egypt and Russia


China Development Bank Corp., the state-run bank for public works projects, opened its first branch outside the mainland in Hong Kong today and plans offices in Russia, Egypt and Brazil as part of a global expansion push. The offices will start operating in Moscow and Cairo this year and the Rio de Janeiro area next year, Vice President Li Jiping told a press conference. The Beijing-based bank agreed in May to lend $10 billion to Brazil's state-controlled oil company, helped finance a fund in Africa…

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china

China Adjusts Gasoline & Diesel Prices to $3.14/gallon Max


China, the world's second-biggest energy user, cut gasoline and diesel prices by at least 3.3 percent after three increases since March triggered public concern that fuel costs are too high. Pump prices for 90 octane gasoline will be set at a maximum of 5.7 yuan ($0.83) a liter, or about $3.14 a gallon, in Beijing, the National Development and Reform Commission said in a statement on its Web site. Prices were adjusted to reflect the decline in global crude prices, said China's top planning agency.…

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south_korea

South Korea's Economy Grew to the Highest in Seven Years


South Korean consumer confidence rose to the highest in almost seven years in July as government stimulus policies and record interest-rate cuts began leading the economy toward recovery from the global recession. The sentiment index rose to 109 from 106 in June, the Bank of Korea said in Seoul today. That's the highest level since the third quarter of 2002, when the bank published its confidence survey on a quarterly basis. A score of more than 100 indicates optimists outnumber pessimists. The…

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china

China Shipbuilding to Sell Around 2 Billion Shares


The Beijing-based, state-controlled company is selling as many as 1.995 billion shares, or a 30 percent stake, in the stock offering, according to a draft prospectus posted on the Web site. The commission's listing panel is scheduled to meet July 27 to vet its application to sell shares. China International Capital Corp. is managing the sale. China Shipbuilding Industry Co. is 97 percent owned by China Shipbuilding Industry Corp., one of the nation's largest shipbuilders and repairers, according…

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