日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

   

Yuan, stocks gain after US rate cut

By Dong Zhixin (chinadaily.com.cn)
Updated: 2008-01-23 11:11

Chinese stocks rebounded in volatile trading on Wednesday to end two days of sharp losses, and the yuan reached a new high against the greenback, after a hefty US interest rate cut.

Before trading started, the People's Bank of China set the yuan central parity rate at 7.2350 to the US dollar, the highest level since China ended its peg to the dollar in July 2005.


People smoke in front of an electronic board at a stock exchange in Shanghai January 22, 2008. [Agencies]
In equity markets, the benchmark Shanghai Composite Index rose as much as 2.7 percent within minutes of the opening of trading, as investors hunted for bargains after the gauge lost 7.2 percent on Tuesday and 5 percent on Monday.

However, the rebound did not last long, as panic selling resumed, sending the index down 0.59 percent to 4,533.06 points at the end of the morning session.

Bargin-seekers returned again in the afternoon and helped push the index up 3.14 percent to 4,703.04 at the close. 

Stock investors' confidence came partly from the Federal Reserve of the United States who slashed the federal funds rate by 0.75 percent, the biggest cut in two decades, to avert a recession.

The drastic move eased fears for a while that the housing market slump and the sub-prime crisis might drag the world’s largest economy into recession, thus affecting global economic growth. Such concerns were believed to be a key reason behind a worldwide meltdown in the equity market.

In response to the Fed's move, the Dow Jones Industrial Average recovered from a 465-point loss to close the day off 128 points. The Standard & Poor's 500 index fell 1.11 percent, while the Nasdaq composite index lost 2.04 percent.

That indicated investors remain wary of the prospect of the economy, which may force the Fed to cut the rate further. In fact, the US central bank did make such hints when announcing the rate cut.

Any further cuts will add to the pressure on the yuan to rise in value. The Chinese currency has appreciated more than 12 percent against the dollar since July 2005.

Chinese analysts expected an 8 to 10 percent rise in the yuan's value this year, as Western countries are demanding for faster appreciation.

Adding to the pressure, China may have to resort to further interest rate hikes after 6 increases in 2007 to prevent the economy from overheating and to tame inflation.

At the end of last year, China's policymakers shifted the country's monetary policy to "tight" from "prudent" faced with a runaway economy and rising inflation.

The world's fourth major economy expanded 11.5 percent in the first three quarters and inflation accelerated to 6.9 percent in November, the highest in 11 years.

Key economic figures for the whole of 2007 will be released Thursday. However, figures for December will be postponed till February, including the consumer price index, earlier reports said.

 

 



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 日本人做爰大片免费 | 国产成人午夜视频 | 成人影片在线免费观看 | 男女男精品网站 | 这里只有精品视频 | 国产美女永久免费 | 激情午夜视频 | 美女中文字幕 | 性xxxx丰满孕妇xxxx另类 | 五月婷婷激情五月 | 日韩免费视频 | 色蜜桃 | 亚洲视频在线观看 | 中文字幕日韩在线观看 | 日本www视频在线观看 | 亚洲一区二区三区精品视频 | 91福利影院 | 激情xxxx | 欧美作爱视频 | 国产三级精品视频 | 国产视频三区四区 | 久久精品视频免费看 | 久久国产精品一区二区三区 | 欧美精品日韩在线 | 写真福利片hd在线播放 | 成年人免费黄色 | 黄色在线免费网站 | 亚洲综合视频网 | 激情婷婷六月 | 日韩欧美亚洲 | 成人欧美在线观看 | 国产偷人 | 六月丁香婷婷网 | 日韩免费在线视频 | 国产香蕉9 | 国产美女福利 | 亚洲图片二区 | 久久国产中文字幕 | 免费一级淫片 | 在线观看日本一区 | 91免费高清视频 |