Fan Gang News
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China’s foreign-exchange regulator renewed concerns that the nation will see fresh speculative inflows of money after the U.S. and Japanese central banks said they would pump more funds into their financial systems.
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Hong Kong’s Hang Seng Index fell a second day from a 19-month high as a technical indicator signaled the gauge may have risen too fast, and China Mobile Ltd. led declines among telecommunications shares. Losses were limited on a report China’s manufacturing is expanding.
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Iron ore will almost erase the past two months’ rally and fall 19 percent in the second quarter as weather stops disrupting supply and Chinese restocking ends, according to a Barclays Plc trader of the commodity.
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China’s manufacturing is expanding at the fastest rate in two years, according to a private survey of companies, bolstering prospects that economic growth will accelerate for a second straight quarter.
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China’s stocks fell, with the Shanghai Composite Index erasing a 1.8 percent rally, as North Korea’s threat to test nuclear weapons overshadowed a report showing the nation’s manufacturing is accelerating.
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Yuan forwards dropped for a second day after the central bank lowered its daily currency fixing and the International Monetary Fund cut global growth forecasts.
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Chinese equities fell in New York for the first time in four days, led by consumer stocks, as data showing a leading index rose less last month than in November undermined optimism over the economic recovery.
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China’s economic risks have shifted back to growing too quickly as new regional-government officials try to boost development, a former central bank adviser said.
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Hedge fund manager James Chanos is overly pessimistic about China’s property market because he underestimates government efforts to avoid a bubble, according to Fan Gang, a former People’s Bank of China adviser.
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Large gains in China’s currency aren’t in anyone’s interest and the yuan is already appreciating progressively, according to a former adviser to the nation’s central bank.
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