Yuan falls against U.S. dollar for 11 straight days
August 12, 2008
– China’s currency on Tuesday dropped against the strengthening U.S. dollar for the 11th consecutive day, the longest continuous fall since it was unpegged from the dollar in July 2005.
The central parity rate of the yuan, or Renminbi (RMB), was 6.8659 to the dollar, according to the China Foreign Exchange Trading System. The reference rate was down 21 basis points from the previous trading day. [Read more]
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China Machine Tools Industry
July 20, 2008
China’s machine tool industry plays an important role in world machine tool industry in recent years.
In the aspect of output value, China has accounted 1/4 of the world machine tools. Therefore, the healthy development of China’s machine tool industry will promote the world machine tool industry continues to maintain a rapid development.
According to the National Bureau of Statistics data of whole machine tool industry, in 2007 the 4291 manufactories achieved RMB 274.77 billion in industrial output value, up 35.5 per cent year-on-year; RMB 268.1 billion of sale revenue, an increase of 36.2 per cent year-on-year; throughput of 97.6 per cent, an increase of 0.5 per cent year-on-year.
In 2007, the output of metal-cutting machine tool was 606,835 sets, an increase of 11.7 per cent year-on-year, among NC metal-cutting machine tool 123,257 sets, an increase of 32.6 per cent year-on-year;
Forming machine tool 172,766 sets, an increase of 9.2 per cent year-on-year, among NC forming machine tool 3,011 sets, an increase of 53.7 per cent year-on-year;
Woodworking machinery production and casting machinery 19.2 per cent and 15.4 per cent year-on-year respectively, metal cutting tools fell 0.4 per cent year-on-year.
Machine tool export has continued to grow rapidly. In 2007 it made $5.2 billion, up 36.2 per cent year-on-year, including metal processing machine tool $1.65 billion, increased 39.2 per cent year-on-year, NC metal processing machine tool $500 million , an in crease of 48.2 per cent year-on-year, accounting for 30 per cent of the metal processing machine tool, metal-cutting machine tool $1.22 billion, up 31.6 per cent year-on-year, forming machine tool $430 million, up 66.5 per cent year-on-year.
In 2007, the imports of machine tool was $11.77 billion, an increase of 5.7 per cent year-on-year, among metal processing machines tool $7.07 billion, a decrease of 2.4 per cent year-on-year. China’s foreign trade deficit of metal processing machine tool reached $5.42 in 2007, lower than the same period last year $6.06 billion.
Considering the overheated economy and higher inflation, the central government has tied the monetary policy, which has already affected on some investments, particularly small and medium-sized machine tool investors. China’s machine tool industry is expected to slow down, but, on the other hand, high-value-added products such as NC machine tool, large and heavy machine tool will still keep a strong growth, especially the state key projects and 16 major science and technology projects will boost the domestic demand for high-technical NC machine tool. China is expected to maintain a strong demand for NC machine tool in the next three to five years; in particular the large-scale NC machine tools will remain a 30 per cent growth.
source: Report Linker
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China’s yuan hits another new high against U.S. dollar
July 16, 2008
July 16 (Xinhua) — China’s currency, the yuan, on Wednesday set another post-revaluation high against the weakening U.S. dollar for the second consecutive day.
The central parity rate of the yuan, or Renminbi (RMB), was 6.8128 yuan to the dollar, according to the China Foreign Exchange Trading System. The reference rate was up 102 basis points from the previous trading day.
The yuan has risen more than 7 percent against the dollar so far this year, compared with the 6.9-percent gain last year, and has broken its own record value 55 times.
Market observers said Wednesday’s depreciation of the dollar was due largely to lingering concerns about credit risks in the U.S. financial regime, despite the U.S. government’s decision to rescue struggling Fannie Mae and Freddie Mac, the biggest providers of financing for home loans.
Some experts called for actions to slow RMB appreciation, so as to avoid adversely affecting the Chinese economy.
On Wednesday, the Renminbi gained 162 basis points against the euro to 10.8375 yuan, but lost 689 basis points against 100 Japanese yen to 6.5017 yuan.
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