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China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash

 
PhennommennonnModerator
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05/06/2009 07:15 AM

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China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
China Pledges Ample Supply of Money to Spur Recovery
(Update2)

[link to www.bloomberg.com]

May 6 (Bloomberg) -- China’s central bank said the economy performed “better than expected” in the first quarter and pledged to keep money flowing into the financial system to sustain growth.

The People’s Bank of China will ensure an “ample” supply of money, it said in a quarterly monetary-policy report posted on its Web site today. New lending surged sixfold to a record in March as banks supported the government’s 4 trillion yuan ($585 billion) stimulus package.

The recovery’s foundations aren’t solid, with new lending overly concentrated on government projects at the expense of small businesses, the central bank said. The report highlighted “positive changes” in the world’s third-biggest economy, echoing remarks by Premier Wen Jiabao on April 11.

“The momentum is gathering for quite a strong recovery in growth in the second half of the year,” said Peng Wensheng, an economist with Barclays Capital in Hong Kong.

The pledge to keep money flowing contrasted with the bank’s concern that monetary easing in other major economies risks triggering inflation, currency devaluations and a “big consolidation” in bond markets.

“A policy mistake made by some major central bank may bring inflation risks to the whole world,” the People’s Bank of China said in the report.

Deflation Threat

China’s quarter-on-quarter growth in gross domestic product improved significantly, the central bank said, without giving figures. The threat from deflation is easing, it said. China’s economy grew 6.1 percent in the quarter from a year earlier, the slowest pace since at least 1999.

Surges in lending and investment and an expansion in manufacturing in April have added to signs that the economy is starting to recover. China is battling rising unemployment, a collapse in exports and weakness in the property market.

The central bank pledged to make “flexible” use of multiple monetary-policy tools. Credit growth will need to increase if the global economy worsens, the report said.

New lending rose to 1.89 trillion yuan in March after the government dropped quotas. The central bank cautioned bad loans may rebound and said lenders need to assess local governments’ abilities to repay debt.

“They are flagging potential risks from the very stimulatory policy that has been put in place since November,” said Glenn Maguire, chief Asia-Pacific economist at Societe Generale SA in Hong Kong. “The People’s Bank of China will probably be the one central bank that actually has to tighten monetary policy in the second half of this year.”

Borrowing Costs

The central bank has kept the one-year lending rate
[link to www.bloomberg.com]
unchanged at 5.31 percent this year after five cuts in 2008 as the global financial crisis deepened. Its next move may be to increase rates next year, Tao Dong, chief Asia economist at Credit Suisse Group AG in Hong Kong, said today.

The nation is at risk of a stock market “bubble” that may burst as investor confidence in the recovery weakens and bank lending slows, according to China Galaxy Securities Co., the nation’s largest brokerage.

The Shanghai Composite Index
[link to www.bloomberg.com]
has surged more than 50 percent from last year’s low on Nov. 4.

Today’s report echoed a bank statement last month. It reiterated pledges to keep the yuan “basically stable” and monetary policy “moderately loose” and said China can maintain stable and relatively fast growth.

To contact the reporters on this story: Kevin Hamlin in Beijing at khamlin@bloomberg.net
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The Queen Of Mean / VENOMmennonn

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Snift

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05/06/2009 08:02 AM
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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
I thought they where "pulling the US credit card" or something like that.
Bah who knows, I'm sure someone is making money somewhere in the deal.
JJack108

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05/06/2009 08:18 AM
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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
Not real surprised, China wants to keep its economy going and the Walmart's full and selling...
Rebirth is possible in life, no matter how many tries it takes!!!

I have an opinion, you just might not like it!!!
PhennommennonnModerator (OP)
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05/06/2009 08:19 AM

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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
Not real surprised, China wants to keep its economy going and the Walmart's full and selling...
 Quoting: JJack108

while they buy up all of america
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Subscribe to TheRawFeedLive On YouTube
[link to youtube.com]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Become a member & subscribe to the GLPVC Podcast
[link to members.therawfeedlive.com]
GLPVCpod9
JJack108

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05/06/2009 08:30 AM
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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
Does remind me of the old days when WalMart swore it would never sell anything but American products and this spurred most people to avoid Kmart's and other chain,s...because they sold a good amount of imported goods...in fact, WalMart almost made it sound like you could be considered unpatriotic if you did not buy at WalMart...well they dusted all the other chains...great sales pitch... just as good as when the cable companies started out and promised that there never would be any commercials...
Rebirth is possible in life, no matter how many tries it takes!!!

I have an opinion, you just might not like it!!!
PhennommennonnModerator (OP)
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User ID: 581503
United States
05/06/2009 08:32 AM

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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
Does remind me of the old days when WalMart swore it would never sell anything but American products and this spurred most people to avoid Kmart's and other chain,s...because they sold a good amount of imported goods...in fact, WalMart almost made it sound like you could be considered unpatriotic if you did not buy at WalMart...well they dusted all the other chains...great sales pitch... just as good as when the cable companies started out and promised that there never would be any commercials...
 Quoting: JJack108

slave labor
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Subscribe to TheRawFeedLive On YouTube
[link to youtube.com]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Become a member & subscribe to the GLPVC Podcast
[link to members.therawfeedlive.com]
GLPVCpod9
JJack108

User ID: 667270
United States
05/06/2009 08:51 AM
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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
Well back to China, but I'll add a little more history, to see if its the same situation...in the early 1990's, there was a real estate crisis, and the values of homes plunged to half of their value...Japan at that time was considered the economic power of the time...they had heavily invested in real estate and many Americans had noticed this and were worried, low and behold (like our current economic crisis)out of nowhere came the real estate crisis in American and the Japanese lost their shirts, I do remember it pushed them into an instant depression.

Well now consider China, bet they too were snapping up American stocks, real estate, and business' prior to our collapse...like the Japanese of the 90's, I bet they have lost their shirts too.

This is probably why it could be observed right now that the Chinese would be "reinvesting" to recoup some of their losses and spur American's to "shop till they drop" again...
Rebirth is possible in life, no matter how many tries it takes!!!

I have an opinion, you just might not like it!!!
Anonymous Coward
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United States
05/06/2009 09:13 AM
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Re: China's Central Bank Says Economy Beating Forecasts, Pledges `Ample' Cash
lala

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