China imported almost 40 percent less from Africa in 2015 than the previous year, but Chinese exports to Africa rose by about 4 percent in the same period, Chinese officials said Wednesday, according to a report in Mail&GuardianAfrica.
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New loans extended by banks slid to 597.8 billion yuan ($91.1 billion, Rs 6.10 lakh crore) in December, against 708.9 billion yuan in November, the People’s Bank of China said.
“We know that the USA economy is not really accelerating but most importantly emerging markets continue to suffer and that’s where China sends a lot of its products”.
And Tokyo, which has also fallen for six straight days, surged 2.7 percent by the break. Looking to imports, the average price of crude oil imports dropped 45.3 percent in the past year.
“You need real money to support the market, not just rhetoric”, he said, adding the government appears to have exhausted its power after last year’s massive market rescue.
Chinese stocks yesterday headed for a bear market, while government bond yields fell to a record as central bank cash injections and a stable yuan fixing failed to shore up confidence in the world’s second-largest economy. However, the Shanghai Stock Exchange Composite Index lost another 2.42 percent on Wednesday with overall an nearly 17 percent drop this year. On annual basis, exports in 2015 plunged 2.8% compared to 2014.
Ma Jun, chief economist at the PBOC’s research bureau, said this week downward pressure on the yuan will ease after investors absorb a shift to valuing it versus a basket of currencies and away from linking it to the dollar. “NATIONAL TEAM” Asian share markets weakened across the board on Thursday, hit by steep losses on Wall Street overnight as a rout in oil prices heightened worries about the global economy.
More stability in China would also leave the way clearer for the U.S. Federal Reserve to raise interest rates this year and the brighter tone drove the dollar about half a percent higher to 118.16 yen and up a third of cent against the euro. US stocks were poised for a solid open, with Dow futures and the broader S&P 500 futures up 0.5 percent.
Exports declined 1.4 per cent from a year earlier to $224.1 billion, an improvement over the previous month’s 6.8 per cent contraction, customs data showed Wednesday. However, Hong Kong ended up 1.1 percent and Sydney, where several firms with strong trade links with China are listed, closed 1.3 percent higher. The price of oil fell below $30 per barrel.
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“Investors see no good reason to buy stocks now the yuan is depreciating, the United States is raising rates, and the economy is deteriorating”.
