www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

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: 亚洲欧美人妖另类激情综合区 | 成年人国产视频 | 中文字幕在线一区二区三区 | 亚洲日本高清成人aⅴ片 | 国产精品成人在线播放 | 国产人成亚洲第一网站在线播放 | 成人午夜影院 | 完全免费在线视频 | 黄色美女视频免费看 | 成人国产精品一级毛片视频 | 久久精品网站免费观看调教 | 一级特黄特色的免费大片视频 | 91精品欧美综合在线观看 | 亚洲不卡一区二区三区在线 | 一级毛片免费看 | 毛片在线看免费 | 97在线免费 | 日韩黄在线观看免费视频 | 成人一级大片 | 国产精品每日更新在线观看 | 欧美高清在线视频一区二区 | 91精品国产综合成人 | 亚洲 欧美 激情 另类 自拍 | 成人自拍视频网站 | 日本欧美不卡一区二区三区在线 | 欧洲一级大片 | 美女把张开腿男生猛戳免费视频 | 久草免费在线观看视频 | 三级黄色毛片网站 | 免费观看欧美一区二区三区 | 黄色a∨| 99精品在免费线视频 | 成人做爰视频www | 手机午夜看片 | 韩国福利影视一区二区三区 | 欧美精品在线视频 | 亚洲码在线观看 | 一级黄片一级毛片 | 成人免费国产欧美日韩你懂的 | 国产精品亚洲欧美 | 在线观看欧美亚洲日本专区 |