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Confidence in China’s ability to weather global economic and financial turmoil is bolstering parts of Australia’s credit market, letting Fortescue Metals Group Ltd. sell the most junk bonds by a miner in five months.
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China’s economic expansion will slow to about 7 percent as stagnating global growth damps exports while new political leaders focus on boosting domestic demand, Pacific Investment Management Co. said.
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China’s benchmark money-market rate dropped to the lowest level in a week on speculation slowing economic growth and easing inflation will give the central bank more leeway to loosen monetary policy.
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China’s manufacturing expanded and input costs climbed, underscoring the case for more interest- rate increases to tame inflation pressures in the fastest- growing major economy.
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China raised interest rates for the third time since mid-October ahead of a report forecast to show inflation accelerated to the fastest pace in 30 months.
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China’s manufacturing growth slowed for a second month in January after the central bank raised interest rates and as millions of migrant workers returned to their villages before a Lunar New Year holiday.
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China’s yuan is climbing the most in Asia as investors from UOB Asset Management Ltd. to Union Investment predict the world’s biggest foreign reserves will help the currency withstand the spreading debt crisis in Europe and tensions on the Korean peninsula.
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China’s central bank will likely need to increase interest rates further in coming months as the three moves since mid-October leave household wealth being eroded by accelerating inflation.
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China may ease tightening measures as the deepening European crisis threatens global growth, AMP Capital Investors and BNP Paribas said, while BofA Merrill Lynch Global Research predicted a delay in the yuan’s revaluation.
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Goldman Sachs Group Inc. cut its growth forecast for China this year to 10.1 percent from 11.4 percent as government restrictions on lending and real estate slow expansion in the world’s fastest-growing major economy.
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