China Records Biggest Deficit in a Decade
China, which has been running trade surpluses over much of the past 10 years, saw its trade deficit climb to a record $31.48 billion in February after imports, boosted by commodities, jumped 39.6% to $145.95 billion while exports were up 18.4% to $114.47 billion, customs figures show. In the first two months, the nation's bilateral trade grew 7.3% year on year to $533.03 billion, where exports were up 6.9% to $264.39 billion and imports were up 7.7% to $268.64 billion.
China's Feb Lending Totals ¥711b
China's banks extended ¥710.7 billion in Renminbi-denominated loans in February, ¥173 billion more than in the same month a year ago, according to figures from the central bank. Renminbi-denominated deposits increased by ¥1.6 trillion last month, ¥282.4 billion more than a year earlier.
PBOC's Zhou Makes Case for Reserves Cut
China has much room to cut banks' reserve requirement ratio, and this will depend on factors like the international balance of payments, central bank governor Zhou Xiaochuan said during a press conference for the nation's annual parliamentary sessions. Zhou, the head of the People's Bank of China, stressed that the government would ramp up investment in debt-ridden Europe, and expected two-way movements in the Renminbi's exchange rate that will be increasingly subjected to market forces.
Banks Not Profiteering: PBOC's Zhou
It is an overstatement that China's banks have benefited from profiteering, instead, they will continue to face capital restraints this year, central bank governor Zhou Xiaochuan said during a press conference at the nation's annual parliamentary sessions, citing the facts that Chinese lenders reported ¥1.04 trillion in net profit out of ¥113.28 trillion in total assets in 2011.
Fiscal Revenue Nears ¥2.1t Through Feb
China's fiscal revenue and expenditures totaled ¥2.09 trillion and ¥1.39 trillion in the first month of 2012, up 13.1% and 32.8% respectively from the same period a year ago, the Ministry of Finance said.
Power Generation Industry to Receive ¥6.1t Investments
Investment in China's power generation industry is expected to total ¥6.1 trillion in the five years through 2015, up 88.3% from the previous five-year period, the China Electricity Council predicted.
Cartoon Industry Output to Top ¥100b by 2015
Output from China's cartoon and animation industry is expected to hit ¥100 billion by 2015, said Culture Minister Cai Wu, calling for catchup with Japanese and American counterparts.
$1 = ¥6.33
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