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Shanghai index edges up on US debt agreement
By Feng Jianmin |
August 1, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock index rose after the United States lawmakers agreed to raise limits of borrowing, but the gains were moderated by concerns that China's central bank will continue a tight monetary policy amid slowdown of economic growth.
The benchmark Shanghai Composite Index edged up 0.08 percent to 2,703.78 points. Turnover fell to 66.1 billion yuan (US$10.3 billion).
United States President Barack Obama said yesterday that leaders of both parties in the US House and Senate had approved an agreement to raise the nation's debt ceiling by US$2.1 trillion and cut the federal deficit by as much as U$2.5 trillion over a decade.
Meanwhile, China's central bank said today that it is not yet time to loose monetary policy concerning instable consumer and property prices. But it will maintain "reasonable" loans and increase financial support for small enterprises, according to a statement on the central bank's website today.
China's industrial expansion slowed for the fourth consecutive months in July. The official purchasing managers' index in July fell to 50.7 points from June's 50.9 points, the lowest in 29 months, China Federation of Logistics and Purchasing said today.
Zhang Liqun, a researcher with the state council, said China's economy is slowing down as a trend, but the slowdown is modest and stable, and is in compliance with the government's goal.
The final reading of the purchasing managers' index released by HSBC and Markit Economics, which focuses on the private sector, was revised upwards to 49.3 today from the preliminary figure of 48.9 published on July 21.
Banks fell after China Business News reported that industry people questioned regulator's claim that banks in China can resist the risks if property prices drop 50 percent. A banker said that banks can endure a drop of as much as 20 percent.
Bank of China lost 0.7 percent to 3.06 yuan. China Merchants Bank shed 0.9 percent to 12.24 yuan.
The benchmark Shanghai Composite Index edged up 0.08 percent to 2,703.78 points. Turnover fell to 66.1 billion yuan (US$10.3 billion).
United States President Barack Obama said yesterday that leaders of both parties in the US House and Senate had approved an agreement to raise the nation's debt ceiling by US$2.1 trillion and cut the federal deficit by as much as U$2.5 trillion over a decade.
Meanwhile, China's central bank said today that it is not yet time to loose monetary policy concerning instable consumer and property prices. But it will maintain "reasonable" loans and increase financial support for small enterprises, according to a statement on the central bank's website today.
China's industrial expansion slowed for the fourth consecutive months in July. The official purchasing managers' index in July fell to 50.7 points from June's 50.9 points, the lowest in 29 months, China Federation of Logistics and Purchasing said today.
Zhang Liqun, a researcher with the state council, said China's economy is slowing down as a trend, but the slowdown is modest and stable, and is in compliance with the government's goal.
The final reading of the purchasing managers' index released by HSBC and Markit Economics, which focuses on the private sector, was revised upwards to 49.3 today from the preliminary figure of 48.9 published on July 21.
Banks fell after China Business News reported that industry people questioned regulator's claim that banks in China can resist the risks if property prices drop 50 percent. A banker said that banks can endure a drop of as much as 20 percent.
Bank of China lost 0.7 percent to 3.06 yuan. China Merchants Bank shed 0.9 percent to 12.24 yuan.
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