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News About The Global Economy
February 03, 2016
China cuts downpayments on some home purchases
Shanghai (AFP) Feb 2, 2016
China will cut the minimum downpayment for some home purchases by five percentage points, the central bank said Tuesday, as it attempts to kick-start a sluggish housing market that is both cause and effect of a broader growth slowdown. The People's Bank of China (PBoC) said on its website the minimum deposit for first-time home buyers would fall from 25 percent to 20 percent. The move aimed to "further support reasonable housing consumption and promote the stable and healthy development of the p ... read more

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China's Citic Bank defrauded of up to $148m
Mid-sized Chinese lender Citic Bank has been defrauded of up to $148 million, the company and media reports said, the second such incident in the industry to come to light in a week. ... more
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China state media accuse Soros of 'declaring war' on yuan
Chinese state media stepped up a salvo of biting commentaries Wednesday against George Soros and other currency traders as the yuan comes under pressure, with the billionaire investor accused of "declaring war" on the unit. ... more
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China pours $67 bn into financial system before holiday
China's central bank said Tuesday it was injecting 440 billion yuan ($67 billion) into the money market, seeking to ease tight liquidity ahead of the Lunar New Year holiday when demand for funds surges. ... more
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IMF's Lagarde says China slowdown 'normal' but bumps ahead
IMF chief Christine Lagarde said on Saturday China's slowdown, which has spread fear on global finance markets, is "very normal" but the road ahead will be bumpy. ... more
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Slowing growth and jihadist threat worry the elite at Davos
Rising risks to the global economy and a string of jihadist attacks around the world overshadowed Wednesday's opening of an annual meeting of the rich and powerful in a snow-blanketed Swiss ski resort. ... more
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If it's the economy, stupid, what can be done?
If the first 10 days of the new year are indicative of the economic outlook for 2016, buckle up. ... more
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China 2015 growth slows to weakest for 25 years: govt
China's GDP grew at its slowest in a quarter of a century last year, creating pressure for more stimulus policies to ensure a soft landing for the economy that is a crucial driver of global growth. ... more
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German businesses put on brave face amid China's economic slowdown
German companies are trying not to let themselves be spooked by the economic slowdown in China, even if they concede they are currently seeing a drop in demand for their products there. ... more
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China growth slides to 25-year low in 2015: AFP survey
China recorded its lowest growth in a quarter of a century in 2015, an AFP survey has forecast, projecting a further slowdown in the world's second-largest economy this year. ... more
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Banks' borrowing rate for yuan in Hong Kong hits record
The rate at which banks charge each other to borrow yuan in Hong Kong surged to a record high Tuesday, with China's central bank thought to be buying huge amounts of the unit to fend off speculators. ... more
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EU delays decision on China market economy status
The EU on Wednesday said it would wait until later this year to decide if China should finally be considered a real market economy, a status keenly sought by Beijing that would make it harder for Europe to limit its cheap exports. ... more
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Chinese economy stable: ADB president
China's economy, as well as Asia's, are unlikely to slow down sharply this year despite Chinese stock turmoil that has rocked global financial markets, the Asian Development Bank president said Friday. ... more
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China December forex fall largest ever seen
China's foreign exchange reserves saw their biggest ever monthly drop in December, falling to a three year low, official figures showed, as the central bank sells dollars to prop up its currency. ... more
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Weak world markets signal fresh global crisis: Soros
American financier George Soros warned Thursday that weaker world markets, triggered by a slowdown in China, were showing signs of a financial crisis reminiscent of the 2008 crash. ... more
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China suspends 'circuit breaker' mechanism after stock trading halted again
China will suspend "circuit breakers", the top securities regulator said, after the trading curbs were again triggered Thursday when share prices dropped more than seven percent, halting share trading early for the second time this week. ... more
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China manufacturing worsens in December: survey
China's factory activity shrank further in December, a private survey showed Monday, the 10th consecutive month of contraction with the world's second-largest economy set to post its weakest growth in a quarter of a century. ... more
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China new home prices up in December as stimulus kicks in
China's new home prices increased in December for the fifth straight month, a survey showed Friday, following a series of stimulus measures aimed at boosting lending. ... more
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China firm to investors: a thief took my financial statements
A troubled Chinese company has found a novel excuse for continuing to delay publishing its annual results, telling investors that a thief stole all its financial records for the last four years. ... more
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China eyes market reforms after top economic meeting
China is eyeing strict management of local debt and increased housing reform as part of moves to shore up growth in the world's second largest economy, state media said Monday, after the close of a key economic forum. ... more
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Fosun disappearance stokes fear among China CEOs
The disappearance of Fosun chief Guo Guangchang, dubbed China's Warren Buffett, has stoked fear among captains of industry who thought good behaviour and loyalty could protect them from Beijing's ever-expanding anti-graft campaign. ... more
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Hong Kong auctioneers go experimental as sales struggle
Hong Kong auction houses are looking for novel ways to keep their sales buoyant in the face of China's economic slowdown - from creating boozy bidding parties to selling items from outer space. ... more
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China industrial output rebounds after stimulus
China's industrial production surprised Saturday with its best showing since June, the latest indication that government stimulus measures may be driving a mild recovery in the world's second largest economy. ... more
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Major China bank PSBC raises more than $7 bn: Xinhua
China's broadest bank by branch numbers has sold a one-sixth stake to strategic investors for more than 45 billion yuan ($7 billion) ahead of an expected flotation, official media reported Wednesday. ... more
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China's yuan success hinges on reform despite IMF move
The International Monetary Fund's recognition of China's currency is a step towards encouraging its global use, but banks will remain reluctant to hold yuan unless Beijing pushes deeper financial reforms, analysts say. ... more
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