Special Report: Global Financial Crisis
BEIJING, Nov. 28 (Xinhua) -- Chinese shares opened
slightly lower on Friday with the key Shanghai index 0.84 percent lower than the
previous closing.
The benchmark Shanghai Composite Index fell 16.19
points, or 0.84 percent, to 1901.68 at the opening. The smaller Shenzhen index
fell 77.14 points, or 1.15 percent, to open at 6606.10 points.
On Thursday, Chinese equities closed 1.05 percent
higher in response to an unusually large interest rate cut, but they gave up
some gains due to profit-taking as well as concerns over the economic slowdown
and sagging corporate earnings.
On Wednesday afternoon, the People's Bank of China
(PBOC, the central bank) said it would cut the benchmark one-year yuan lending
rate to 5.58 percent from 6.66 percent and the one-year yuan deposit rate to
2.52 percent from 3.60 percent.
It was the fourth interest rate cut since
mid-September. It also was the largest cut since October 1997, when the PBOC
slashed the one-year rate by 1.44 percentage points to support growth amid the
Asian financial crisis.
The PBOC also said as of Dec. 5, it would lower the
reserve requirement ratio by 1 percentage point at large banks and 2 percentage
points at other banks.
Large lenders are Industrial and Commercial Bank of
China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank
of Communications and Postal Savings Bank of China.
Rate cut drives China shares higher, but profit-taking pares morning gains
BEIJING, Nov. 27 (Xinhua) -- Chinese equities opened sharply higher on Thursday in response to an unusually large cut in domestic interest rates, but they gave up some of their gains as profit-takers pared the indices back during the morning session.
The benchmark Shanghai Composite Index finished the morning session at 1,972.82 points, up 3.95 percent or 74.94 points. The Shenzhen Component Index rose 4.74 percent, or 309.49 points, to 6,843.36. Full story
China cuts interest rates, reserve requirement ratio to spur
growth
BEIJING, Nov. 26 (Xinhua) -- China's central
bank has decided to slash the lending and deposit rates by a
bigger-than-expected 1.08 percentage points as of Thursday in the latest strong
effort to stimulate the economy.
The People's Bank of China (PBOC) said on Wednesday it
would cut the benchmark one-year yuan lending rate to 5.58 percent from 6.66
percent and the one-year yuan deposit rate to 2.52 percent from 3.60
percent. Full story
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Photo taken on Nov. 27, 2008 shows the
People's Bank of China (PBOC) in Beijing, capital of China. China's
central bank has decided to slash the lending and deposit rates by a
bigger-than-expected 1.08 percentage points as of Thursday in the latest
strong effort to stimulate the economy. (Xinhua/Gao Xueyu)
Photo
Gallery>>> |
Backgrounder: A timeline of China's recent
economic-stimulus measures >>
A timeline of China's
macro-economic policy shifts over 30 years >>
China's social investment to total 18
trln yuan in 2009
BEIJING, Nov.
27 (Xinhua) -- China's total social investment is predicted to reach 18 trillion
yuan (2.64 trillion U.S. dollars) in 2009, the National Development and Reform
Committee (NDRC), the country's top economic planner, announced here on
Thursday.
"China's total social investment exceeded 13 trillion yuan
in 2007 and is expected to top 16 trillion yuan this year," said NDRC head Zhang
Ping. "The 4 trillion stimulus package is only part of the whole picture." Full story
China central bank cuts interest rate,
reserve requirement to stimulate economy
BEIJING, Oct. 8 (Xinhua) --
China's central bank on Wednesday announced cuts in both the interest rate and
reserve-requirement ratio in the latest effort to boost the domestic economy
amid worries over the deepening global financial crisis.
The deposit and lending rates would be lowered by 0.27
percentage points from Thursday and the reserve-requirement ratio would be down
by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.
Full story
China's 4 trillion yuan stimulus to
boost economy, domestic demand
BEIJING, Nov. 9 (Xinhua) -- China said on Sunday it will
loosen credit conditions, cut taxes and embark on a massive infrastructure
spending program in a wide-ranging effort to offset adverse global economic
conditions by boosting domestic demand.
This is a shift long advocated by analysts of the
Chinese economy and by some within the government. It comes amid indications
that economic growth, exports and various industries are slowing.
A stimulus package estimated at 4 trillion yuan
(about 570 billion U.S. dollars) will be spent over the next two years to
finance programs in 10 major areas, such as low-income housing, rural
infrastructure, water, electricity, transportation, the environment,
technological innovation and rebuilding from several disasters, most notably the
May 12 earthquake.
The policies include a comprehensive reform in
value-added taxes, which would cut industry costs by 120 billion yuan. Full story
China central bank cuts interest rate,
reserve requirement to stimulate economy
BEIJING, Oct. 8 (Xinhua) -- China's central bank on
Wednesday announced cuts in both the interest rate and reserve-requirement ratio
in the latest effort to boost the domestic economy amid worries over the
deepening global financial crisis.
The deposit and lending rates would be lowered by
0.27 percentage points from Thursday and the reserve-requirement ratio would be
down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC)
said. Full story
China's central bank reduces credit
interest rate, reserve requirement ratio
BEIJING, Sept. 15 (Xinhua) -- China's central bank said on
Monday it would reduce the benchmark loan interest rate and the reserve
requirement ratio for commercial banks to ensure a steady and rapid economic
growth.
The benchmark interest rate for one year yuan denominated
loans will be adjusted down 0.27 percentage points from Tuesday, its first
downward movement since October 2004. Full story
