Shanghai Bureau Chief
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Apr 29, 2011

Yuan breaks past 6.50/dollar for first time, further gains seen

SHANGHAI, April 29 (Reuters) – China’s yuan breezed past
6.50 per dollar on Friday, surpassing the psychologically
important level for the first time and raising expectations that
Beijing will continue to let the currency strengthen quickly to
battle stubbornly high inflation.

While the 6.50 per dollar level is not significant from a
technical standpoint, Chinese media and economists are likely to
seize on it as evidence of how far the government has come in
allowing it to appreciate since its landmark currency reforms in
2005. It has gained 27.5 percent since then.

Apr 29, 2011

Yuan breaks past 6.50/dollar for first time, further gains seen

SHANGHAI, April 29 (Reuters) – China’s yuan breezed past
6.50 per dollar on Friday, surpassing the psychologically
important level for the first time and raising expectations that
Beijing will continue to let the currency strengthen quickly to
battle stubbornly high inflation.

While the 6.50 per dollar level is not significant from a
technical standpoint, Chinese media and economists are likely to
seize on it as evidence of how far the government has come in
allowing it to appreciate since its landmark currency reforms in
2005. It has gained 27.5 percent since then.

Apr 27, 2011

Non-insurance drives Ping An to record profit

SHANGHAI, April 27 (Reuters) – Ping An Insurance (Group) of
China (601318.SS: Quote, Profile, Research, Stock Buzz) (2318.HK: Quote, Profile, Research, Stock Buzz), the world’s second-largest life
insurer by market value, posted a record quarterly profit on
Wednesday, helped by rapid growth in non-insurance businesses.

Ping An’s (PNGAY.PK: Quote, Profile, Research, Stock Buzz) net profit during the January-March
period rose 28 percent to 5.81 billion yuan ($891.6 million)
from 4.55 billion a year earlier, in line with the expectations
of two analysts surveyed by Reuters.

Apr 22, 2011

Yuan continues climb to end at record; revaluation seen unlikely

SHANGHAI (Reuters) – The yuan ended at a fresh record high on Friday as the central bank continued to allow the currency to rise to help fight imported inflation, but onshore traders remained convinced it would not resort to any one-off revaluation despite rumors overseas.

The People’s Bank of China (PBOC) has set repeated record highs for the yuan’s daily mid-point over the last several weeks, engineering an accelerated rise against the dollar that means it has now gained nearly 5 percent since it was depegged last June.

Mar 28, 2011

P&G, Unilever up China prices and fuel inflation fears

SHANGHAI (Reuters) – Consumer goods giants Procter & Gamble and Unilever will both raise detergent and soap prices in China by up to 15 percent next month, local media reported, underscoring the battle the government faces with inflation.

Policy makers in the world’s second-largest economy have been racing to contain consumer prices, which rose 4.9 percent in February from a year earlier, to prevent inflationary expectations from settling in and contributing to further rises in the prices of everything from broccoli to beer.

Mar 28, 2011

P&G, Unilever up China prices amid inflation worries

SHANGHAI (Reuters) – Consumer goods giants Procter & Gamble (PG.N: Quote, Profile, Research, Stock Buzz) and Unilever (ULVR.L: Quote, Profile, Research, Stock Buzz) will both raise their prices on detergent and soap in China by up to 15 percent next month, local media reported, underscoring the challenges Beijing faces to rein in inflation.

Policy makers in the world’s second-largest economy have been racing to contain consumer prices, which rose 4.9 percent in February from a year earlier, to prevent inflationary expectations from settling in and contributing to further rises in the prices of everything from broccoli to beer.

Mar 28, 2011

P&G, Unilever up China prices, highlights govt inflation task

SHANGHAI, March 28 (Reuters) – Consumer goods giants Procter
& Gamble and Unilever will both raise their
prices on detergent and soap in China by up to 15 percent next
month, local media reported, underscoring the challenges Beijing
faces to rein in inflation.

Policy makers in the world’s second-largest economy have
been racing to contain consumer prices, which rose 4.9 percent
in February from a year earlier, to prevent inflationary
expectations from settling in and contributing to further rises
in the prices of everything from broccoli to beer.

Mar 22, 2011

Supply monopoly to keep iron ore prices high-China official

QINGDAO, China, March 22 (Reuters) – Spot iron ore prices
will remain high this year as supply remains controlled by a few
big suppliers, an official from China’s industry group said on
Tuesday, although traders said slower demand from top buyer
China may weaken prices in the near term.

“Iron prices will stay high and fluctuate this year as the
raw material is becoming more financialised and still in
monopoly, ” Liu Yinan, vice chairman of the China Chamber of
Commerce of Metals, Minerals and Chemicals Importers and
Exporters, told an industry conference.

Mar 18, 2011

China Money: China IRS, stocks, yuan seen up after reserve hike

SHANGHAI, March 18 (Reuters) – Chinese interest rate swaps,
share prices and the yuan are all expected to rise on Monday,
though for different reasons, after the central bank
unexpectedly raised banks’ reserve requirement ratios (RRR)
after markets had closed on Friday.

The 50 basis point increase in the proportion of deposits
that banks must hold on reserve with the People’s Bank of China
(PBOC), the third such rise this year and the sixth since
November, will catch many investors off guard. [ID:nTOE722076]

Feb 15, 2011

Chinese steelmakers lift March prices on high cost

SHANGHAI, Feb 15 (Reuters) – Two top Chinese steelmakers
will raise their main product prices for the third month in a
row in March, a widely-expected move to cope with surging raw
material costs and to reflect a positive outlook for demand.

Asian steelmakers have struggled with surging costs of
coking coal and iron ore amid a supply squeeze over the past few
months.

    • About Jason

      "Jason leads Reuters' coverage of China's financial markets from Shanghai. Prior to moving there at the start of 2010, he reported on the Chinese economy and policy from Beijing, where he lived for a decade."
      Joined Reuters:
      2005
      Languages:
      Mandarin, German
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