China's Manufacturing Continues to Gain Ground
China's manufacturing improved for a third straight month in February after the official purchasing managers index rose to a five-month high of 51 as factories resumed operations following the weeklong Chinese New Year break, according to the China Federation of Logistics and Purchasing. The reading was 50.5 in January.
Banks Estimated to Have Lent ¥500b in Feb
China's four biggest state-owned banks extended a combined ¥180 billion in Renminbi-denominated loans and new Renminbi-denominated lending may total ¥500 billion nationwide in February, according to people familiar with the matter. Renminbi-denominated bank loans fell to ¥738.1 billion in January, down from ¥1 trillion a year earlier.
China to Consume 690m Tons of Crude Steel in 2012
China will produce 730 million tons of crude steel and consume 690 million tons this year, the Ministry of Industry and Information Technology predicted.
$1 = ¥6.29