Steve Wang News
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China’s crackdown on fake export invoices used to disguise money flows is probably cutting the nation’s trade figures, revealing subdued global demand that will weigh on economic growth.
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China’s manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.
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China’s trade surplus is one-tenth the official $61 billion reported so far this year after accounting for fake transactions used to disguise hot-money inflows, Bank of America Corp. says.
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China’s commerce ministry signaled concern that weakness in the yen is limiting Japanese demand for exports just as a stronger yuan weighs on Chinese manufacturers’ global sales.
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Prudence Investment Management (Hong Kong) Ltd. is boosting holdings of dim-sum bonds, betting China will allow the yuan to appreciate as much as 5 percent in the next 12 months as the economy averts a “hard landing.”
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China’s foreign direct investment rose for a second month in March, a sign of confidence in the world’s second-biggest economy amid last quarter’s unexpected growth slowdown.
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Taiwan is poised to sell its first Chinese yuan-denominated bonds, following Hong Kong and London, as the cities compete for business in a currency that is moving toward becoming convertible.
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Bonds without credit ratings or maturities led the slump in all of this year’s new dollar- denominated issues from Chinese companies as investors balked at riskier debt and favored rallying equities.
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Taiwanese investors accepted such a low yield on the first yuan bonds sold on the island that global funds including HSBC Global Asset Management stayed away.
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Higher-yielding Dim Sum bonds are a good bet following a recent sell-off that was driven by concern some issuers will struggle to pay their debt, according to BOC International Holdings Ltd.
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