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Global Investing Roundups
China Lifts Inflation Controls; Awful Year for India Rupee; 30-year Mortgage Rates Hit Record Low; First Recorded Decline in Online Holiday Shopping; UBS Offloads Bank of China Stake
- With inflation easing, China has lifted temporary inflation controls on key commodities such as liquefied petroleum gas, power-station coal, grains and cooking oil. Ten months ago, China was facing inflation at a 12-year high, Bloomberg reported. Now it’s slowed to the weakest pace in nearly two years.
- India’s rupee slid 19.2% in 2008, its worst annual performance since 1991, and the second-worst among the 10 most-active Asian currencies excluding Japan. “It has been ecstasy…
China Plans $58 Billion Stimulus Package and Rate Cuts as Policy Shifts from Inflation to Growth
China’s policymakers are considering a $58 billion (400 billion yuan) economic stimulus package, and will ease monetary policy later this year, as focus shifts from taming inflation to promoting economic growth, said Frank Gong, chief China economist at JP Morgan Chase & Co (JPM).
The stimulus package would be equivalent to 1%-1.5% of the nation’s gross domestic product (GDP) and aimed at smaller businesses struggling with high material and energy costs, a strong yuan, narrowing export demand, and the government’s credit tightening.
“The top leadership is carefully considering an economic stimulus package,” Gong wrote in a note to clients. “This will…
20Aug2008 | Money Morning | Comments Off | Continued
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