Market Updates
China Unexpectedly Cuts Rates On Slow Economic Rebound
Brian Turner
15 Aug, 2022
New York City
China lowered its key lending rates in a surprise move after economic activities continue to weaken across several sectors.
The People's Bank of China lowered one-year and 7-day rates and also injected liquidity to the system.
The seven-day reverse repo rate was lowered to 2.0% from 2.1% and one-year rate was trimmed 10 basis points to 2.75%.
Rates have been lowered for the first time since January after the latest industrial production and retail sales data showed persistent weakness in the economy.
Industrial production rose at a slower pace of 3.8% in July after rising at 3.9% in June, the National Bureau of Statistics said Monday.
On a monthly basis, industrial production increased 0.38%.
Retail sales of consumer goods rose at a slower pace of 2.7% in July after rising at 3.1% in June, the NBS data showed. Retail sales rose 0.27% on a monthly basis.
However, international trade activities were one of the brighter aspects of the economy.
International trade shot up 16.6% in July after rising at 14.3% in June,
Specifically, exports surged 23.9% to 2,244.6 billion yuan and imports jumped 7.4% to 1,561.9 billion yuan. The trade surplus increased to 682.7 billion yuan.
The unemployment rate in July declined to 5.4% in July from 5.5% in June.
Consumer price increase accelerated to 2.7% in July after rising at 2.5% in June.
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