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US debt relief barely moves market
By Feng Jianmin |
August 1, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock index rose after the US lawmakers agreed to raise limits of borrowing, but the gains were moderated by concerns over China's slowest industrial expansion in 29 months in July.
The benchmark Shanghai Composite Index edged up 0.15 percent to 2,705.7 points. Turnover fell to 36.5 billion yuan (US$5.66 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 US$2.5 trillion over a decade.
Meanwhile, China's official product managers index in July fell to 50.7 points from June's 50.9 points.
Zhang Liqun, a researcher with the State Council, said that it's the fourth consecutive monthly decline, showing a trend of slowdown in China's economy. But he said the slowdown is modest and stable, and is in compliance with the government's goal.
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 fell 0.7 percent to 3.06 yuan. China Merchants Bank dipped 0.4 percent to 12.30 yuan.
The benchmark Shanghai Composite Index edged up 0.15 percent to 2,705.7 points. Turnover fell to 36.5 billion yuan (US$5.66 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 US$2.5 trillion over a decade.
Meanwhile, China's official product managers index in July fell to 50.7 points from June's 50.9 points.
Zhang Liqun, a researcher with the State Council, said that it's the fourth consecutive monthly decline, showing a trend of slowdown in China's economy. But he said the slowdown is modest and stable, and is in compliance with the government's goal.
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 fell 0.7 percent to 3.06 yuan. China Merchants Bank dipped 0.4 percent to 12.30 yuan.
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