China’s interest-rate swaps jumped the most in three years last month on speculation the central bank will raise borrowing costs further to rein in the fastest inflation since 2008 as foreign capital surges into the nation.
China Wireless Technologies Ltd., the nation’s third-largest smartphone vendor, said it will eventually overtake market leaders Samsung Electronics Co. and Lenovo Group Ltd., helped by demand for low-cost phones.
Apple Inc. is being outsold in China, the world’s largest handset market, by a company less than 1 percent its size, highlighting how the lack of low-cost products limits the iPhone-maker in emerging nations.
The People’s Bank of China pushed up yields on one-year bills for the first time in four months, boosting returns to draw funds after rates for interbank loans surged to the highest level since August 2008.
The People’s Bank of China sold one- year bills at an unchanged yield for the first time in three weeks, seeking to ease a shortage of funds and damp speculation of an imminent increase in benchmark interest rates.
Most Chinese stocks fell as declines by technology shares and power producers overshadowed gains among property and consumer-staples companies. Price swings on the Shanghai Composite Index dropped to a five-month low before the release of a manufacturing gauge tomorrow.