Daily News | Big News from China

China’s economy is apparently growing even faster than expected. It grew 6.7 percent in the second quarter, a bit more than most analysts’ predictions of 6.6 percent. The bad news is that private investments are in decline, which implies that the government will be under great pressure. Analysts think that the government will have to react, probably by rolling out some more support measures. Tim Condon, chief economist for Asia at ING in Singapore, said that we should be concerned about the slowdown in fixed-asset investment. Fixed asset investment growth fell to only 9 percent, which is the slowest since March 2000.

In 2014 the government’s stimuli gave a large boost to the real estate sector, which is of great importance for China’s economy in general. Real estate investments are directly connected with many other business sectors in China and the common opinion is that it is actually the most important business branch. Having that in mind, a slowdown in the property sector could surely be a cause for concern.

All of this affected the global currency market and major currencies started moving once again. The dollar rose by 0.9 percent to 106.27 yen, and for a moment it even touched a high of 106.32 yen. That was its highest level since June 24. The euro rose to 118.33 yen, and the Australian dollar to 81.29 yen.


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Author: Max Rothstein

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