Fuel Prices Hiked First Time in 5 Months
China raised fuel prices by 4% to 5% Friday – the first rise in five months – in the wake of rebounding international crude oil prices. The increase follows a series of three price cuts between May and July against weak oil demand. The price for gasoline went up by ¥390 per ton and diesel by ¥370 per ton, the National Development and Reform Commission said. This increase is equivalent to about ¥0.3 per liter for retail fuel prices depending on region.
Trade Surplus Posts Unexpected Contraction on Weak Exports
China's trade surplus shrank to $25.15 billion in July from $31.73 billion a month earlier, missing market expectations as a result of dramatic slow in both imports and exports growths. Imports rose 4.7% year on year to $151.79 billion and exports were up just 1% to $176.94 billion last month.
Govt Spending Jumps 37% Through Jul
China's fiscal revenue and expenditure totaled ¥1.07 trillion and ¥952.8 billion in July, up 8.2% and 37.1% respectively from a year earlier, the Ministry of Finance said. Personal income tax dropped 9.6% to ¥45.7 billion, and corporate income tax rose 2.8% to ¥269.8 billion.
Bank Lending Totals ¥540b in Jul
China's new Renminbi-denominated loans totaled ¥540.1 billion in July, ¥48.5 billion more than a year earlier, according to central bank figures. Renminbi-denominated deposits decreased ¥500.6 billion last month, ¥169.5 billion less than a year earlier.
$1 = ¥6.36