Liu Yuhui News
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China’s yuan rose for a ninth week, the longest winning streak since November, on speculation capital inflows will support the currency.
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Chinese stocks rose, extending the biggest one-day gain in two months, as a private survey showed manufacturing is expanding at a faster pace in March.
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China’s yuan had its first weekly gain this month after the central bank strengthened the currency’s daily fixing and on speculation that Premier Wen Jiabao will implement measures to revive economic growth.
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Walt Disney Co. had little trouble raising money for its $4.4 billion Shanghai theme park after winning approval in 2009, as a dozen Chinese banks offered $2 billion of loans and promised more.
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China’s biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, three bank officials with knowledge of the matter said.
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China needs to increase interest rates to check its investment spree and cool demand for speculative assets, Liu Yuhui, an economist with the Institute of Finance and Banking at the Chinese Academy of Social Sciences, wrote in a China Daily commentary today.
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China’s central bank may grade local governments’ creditworthiness in an internal trial program as officials prepare for debt sales by provincial and city authorities, a state researcher said.
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China’s currency is unlikely to rise 5 percent or more a year against the dollar as the economy’s long-term growth rate declines, according to a researcher at a government-backed institute.
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China bought a net 735.2 billion yen ($8.3 billion) of Japanese bonds in May, doubling purchases for this year as it heads for the biggest annual increase since at least 2005.
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China’s central bank will remain “particularly cautious” about raising interest rates because of debt incurred by local governments and the potential for bad loans at the nation’s banks, Liu Yuhui, an economist with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, wrote in the China Daily.
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