10 Sep Uk markets plunge on low gdp data
Uk markets plunge on low gdp data
The Chinese economy rebounded in May with strong growth at 3.2% com예스카지노pared to 3.0% a year earlier, in spite of sharp drops in the price of its domestic currency.
China had recently been struggling with an export glut and the yuan was plunging.
The data showed that net imports from the US increased by 11.6% in May compared to a year ago, though the gains from Mexico were far smaller, at 5.1%.
« The impact of a drop in US goods and services 보성출장샵trade has been f우리 카지노 쿠폰elt by Chinese producers as a significant decline in the value of the yuan, » said a bank report from China National Offshore Steel and Steel Industry Corp (COSSE).
It said Chinese producers spent 7.6 billion yuan ($1.4 billion) on domestic production equipment in the third quarter, and US firms spent 4.3 billion yuan.
The dollar and yuan strengthened following the May report. The China Shanghai Composite Index is down 10.1% over the past year to a record $12.85, on a week-on-week basis.
The Shanghai index ended May down 1.9% on the weekend after slipping 1.2% on Tuesday.
Meanwhile, the yuan has lost 25.9% of its value against the dollar to 2.7200 Chinese yuan in the week to May 14. That was the biggest weekly decline in three months.