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☆ Yen cowers near 150 as intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/3] Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. Sterling edged 0.03% lower to $1.20745, languishing near the previous session's close to seven-month low of $1.20535. Meanwhile, Cleveland Fed President Loretta Mester said she is open to raising interest rates again.

Persons: Florence Lo, James Malcolm, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, UBS, Tokyo, Treasury, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, New Zealand, Reserve Bank of New Zealand, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ Yen cowers near 150 as Japanese intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. The Aussie stood at 94.03 yen , after having fallen to an over one-month low of 93.16 yen on Tuesday. Sterling edged 0.02% lower to $1.2076, languishing near the previous session's close to seven-month low of $1.20535.

Persons: Florence Lo, James Malcolm, Shunichi Suzuki, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes, Stephen Coates Organizations: U.S, REUTERS, Rights, UBS, Japanese Finance, Tokyo, Treasury, New Zealand, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ Japan's factory activity extends declines in September
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Oct 2 (Reuters) - Japan's factory activity fell at the fastest pace in seven months in September, a survey showed on Monday, as worsening global economic conditions continued to weaken demand. Output in September was the lowest since June while the decline in new orders was the steepest since February, S&P Global Market Intelligence data showed. "Depressed economic conditions domestically and globally weighed heavily on the sector," said Usamah Bhatti, economist at S&P Global Market Intelligence, which compiled the survey. The yen has come under pressure in recent months, weighed by the Bank of Japan's ultra-loose monetary policy that has inflated the costs of imported goods and squeezed manufacturers. The pessimistic headline figure followed government data published last week that showed Japanese factory output remained flat in August.

Persons: Usamah Bhatti, Satoshi Sugiyama, Sam Holmes Organizations: Jibun Bank, P Global Market Intelligence, Bank of Japan's, Thomson Locations: TOKYO, Jibun Bank Japan, China, Taiwan

☆ China's factory activity recovery slows in September - Caixin PMI
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 1 (Reuters) - China's factory activity expanded at a slower pace in September, a private-sector survey showed on Sunday, with sluggish external demand weighing on the outlook even as output increased. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 50.6 in September from 51.0 in the previous month, missing analysts' forecasts of 51.2. According to the Caixin PMI, factory output and new orders remained in expansionary territory in September, however, external demand remained weak with export orders index contracting for the third month. Producers of consumer, investment and intermediate goods all cut staff, the survey showed. A separate PMI released by Caixin/S&P Global on Sunday showed China's services activity expanded at the slowest pace this year in September.

Persons: Wang Zhe, Wang, Liangping Gao, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight Group . Factory, Producers, Global, Thomson Locations: BEIJING, China

A woman looks at items at a shop in Tokyo, Japan, March 24, 2023. The Tokyo core consumer price index (CPI), which excludes volatile fresh food but includes fuel costs, rose 2.5% in September from a year earlier, against a median market forecast for a 2.6% gain. It slowed from a 2.8% increase in August but exceeded the Bank of Japan's 2% target for the 16th straight month. Analysts expect inflation to keep slowing in coming months reflecting recent declines in commodity prices and the base effect of last year's sharp rises. The inflation overshoot led the BOJ to make modest tweaks to its bond yield control policy last month, a move investors saw as a shift away from decades of ultra-loose monetary policy.

Persons: Androniki, Kazuo Ueda, Leika Kihara, Sam Holmes Organizations: REUTERS, Bank of Japan's, Thomson Locations: Tokyo, Japan, TOKYO

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ BOJ chief warns of highly uncertain wage, price outlook
▼ + stars: | 2023-09-25 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The key to the outlook for monetary policy is whether strong wage growth and consumption, rather than cost pressures from rising import costs, become the key driver of inflation, Ueda said. Ueda said the BOJ was "not fully convinced" that wage hikes would keep accelerating, as many companies seemed undecided on their wage strategy for next year and beyond. That's why we are supporting demand and the broader economy with easy monetary policy," he added. While stressing the need to keep ultra-loose policy for now, Ueda said it was "extremely important" to weigh the benefits and costs of its policy. On the yen's recent falls, Ueda said the BOJ was keeping a close eye on their impact on economic and price developments.

Persons: Kazuo Ueda, Kim Kyung, Ueda, Shingo Torii, Leika Kihara, Chang, Ran Kim, Sam Holmes, Ed Osmond Organizations: Japan, REUTERS, Ueda, Bank of Japan, Panasonic, Osaka Chamber of Commerce and Industry, Thomson Locations: Tokyo, Japan, Ueda OSAKA, Osaka

The data comes hours before the Bank of Japan (BOJ) concludes its two-day policy meeting that began on Thursday. While government subsidies pushed down utility bills, prices rose for a range of food and daily necessities in a sign that steady inflation was taking hold in the world's third-largest economy. "The persistent stickiness of inflation means the BOJ will need to revise up their inflation forecasts at its October meeting," said Gabriel Ng, an economist at Capital Economics. After hitting a peak of 4.2% in January, core inflation continued to slow as the effects of last year's sharp rises in fuel and raw material prices dissipate. But some analysts say the slowdown has not been as large as expected due to steady rises in food prices, and could keep inflation above the BOJ's target longer than initially thought.

Persons: Kazuo Ueda, Gabriel Ng, Ueda, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Capital Economics, Thomson Locations: TOKYO

☆ China's AI 'war of a hundred models' heads for a shakeout
▼ + stars: | 2023-09-21 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

Additionally, companies have also announced dozens of "industry-specific LLMs" that link to their core model. However, investors and analysts say that most were yet to find viable business models, were too similar to each other and were now grappling with surging costs. Several other big name entrepreneurs and tech executives are behind new Chinese AI startups, such as Google China's former chief Kai-Fu Lee and Yan Juejie, a former vice-president of SenseTime (0020.HK). Others said that China's largest tech companies Alibaba, Tencent and Baidu ultimately had the biggest headstart and deep pockets to succeed, given their large user bases and wide range of services. For instance, they could easily offer generative AI services as an additional plug-in to their cloud users.

Persons: Baidu's, Robin Li, Ernie Bot, Tingshu Wang, OpenAI's, Esme Pau, Pau, Yuan Hongwei, Meta, Baichuan, Wang Xiaochuan, China's, Wang, Yuan, Kai, Fu Lee, Yan Juejie, SenseTime, Tony Tung, Tung, Josh Ye, Brenda Goh, Sam Holmes Organizations: Baidu, REUTERS, HK, Huawei, Nvidia, China, Macquarie Group, Y, Baichuan Intelligence, Inc, Sogou, Google, Partners, Thomson Locations: Beijing, China, HONG KONG, Alibaba, United States, Washington, Shenzhen

☆ Dollar eases after Fed-spurred rise; yen stronger ahead of BOJ
▼ + stars: | 2023-09-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

[1/3] Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. The Japanese yen strengthened against the greenback before Friday's Bank of Japan policy announcement, while the pound and the Swiss franc slipped after the British and Swiss central banks kept rates unchanged. The BOJ will end its negative interest rate policy next year, the majority of economists said in a Reuters poll, as the market has begun to envisage the demise of its ultra-easy monetary settings. The pound fell to its lowest since March after the Bank of England held interest rates steady on Thursday, following a cooler-than-expected inflation report the previous day. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations.

Persons: Jason Lee, Helen, Powell didn't, BoE, Monex's, Brad Bechtel, Sweden's, bitcoin, Saqib Iqbal Ahmed, Sam Holmes, Shri Navaratnam, Sharon Singleton, Richard Chang Organizations: Hong, REUTERS, U.S, Federal Reserve, Friday's Bank of Japan, Swiss, British, Fed, Monex, ECB, Traders, FX, Jefferies, Bank of England, Swiss National Bank, Thomson Locations: Hong Kong, Swiss, Japan, Swedish, Norwegian

☆ Pound, franc slide as central banks pause hikes; dollar holds firm
▼ + stars: | 2023-09-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The euro rose as high as 0.9677 francs and is set for its biggest one-day rise since June. The dollar rose 0.8% to 0.9053 francs , hitting its highest level since June 13. "The Swiss franc has understandably weakened after the surprise hold in the policy rate today," ING strategists said in a note. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations. Although you never know for sure with this central bank," said Matt Simpson, senior market analyst at City Index.

Persons: Dado Ruvic, Sterling, Goldman Sachs, Michael Cahill, Sweden's, Niels Christensen, Matt Simpson, Samuel Indyk, Brigid Riley, Kevin Buckland, Sam Holmes, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Swiss, British, U.S . Federal Reserve, Friday's Bank of Japan, Bank of England, Swiss National Bank, ING, Fed, Bank of Japan, New Zealand, NZ, Thomson Locations: Swiss, Sweden, Norway, Swedish, Norwegian

☆ Analysis: China's economic woes embolden calls for deeper reforms
▼ + stars: | 2023-09-21 | by ( Kevin Yao | ) www.reuters.com time to read: +6 min

Both camps argue their proposals should be treated with urgency by policymakers, ahead of the annual Central Economic Work Conference, an agenda-setting gathering of top leaders expected in December. The pro-reform camp is beating the drum for faster structural reforms, including relaxing the system of residence permits, or "hukou", to spur consumption, removing market entry barriers for private firms at the cost of state giants. Reforms are urgently needed as growth engines such as property, exports and infrastructure are stalling, he said. Structural reforms with expansionary effects can also have immediate effects." TIGHTROPEDespite the heated debate, analysts expect Chinese leaders can walk a tightrope between stimulus and reforms.

Persons: Tingshu Wang, Yu Yongding, Yu, Kristalina Georgieva, Liu Shijin, Liu, It's, Tao Wang, Deng Xiaoping, Yi Xianrong, Kevin Yao, Sam Holmes Organizations: Central Business, REUTERS, Economic Work Conference, Reuters, International Monetary Fund, Fund, UBS, Asian Development Bank, Qingdao University, Thomson Locations: Beijing, China, BEIJING, China's, United States

☆ China's economic woes embolden calls for deeper reforms
▼ + stars: | 2023-09-21 | by ( Kevin Yao | ) www.reuters.com time to read: +6 min

Structural reforms with expansionary effects can also have immediate effects." TIGHTROPEDespite the heated debate, analysts expect Chinese leaders can walk a tightrope between stimulus and reforms. Rob Subbaraman, chief economist at Nomura, said short-term stimulus would spur growth but at the cost of worsening structural distortions. Meanwhile, structural reforms would bring short-term pain and take longer to boost activity, but produce higher quality, sustainable growth over time. "China needs both, whereas it is where it is now because historically it's relied more on policy stimulus than on the harder structural reforms," he said.

Persons: Tingshu Wang, Yu Yongding, Yu, Kristalina Georgieva, Liu Shijin, Liu, It's, Rob Subbaraman, Deng Xiaoping, Yi Xianrong, Kevin Yao, Sam Holmes Organizations: Central Business, REUTERS, Economic Work Conference, Reuters, International Monetary Fund, Fund, Nomura, Asian Development Bank, Qingdao University, Thomson Locations: Beijing, China, BEIJING, China's, United States

☆ China keeps benchmark rates unchanged as economy finds footing
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. Despite the steady LPR, some market watchers said recent property easing measures suggest cuts to the five-year LPR and more policy stimulus are likely in coming months. China cut the one-year benchmark lending rate in August but surprised markets by keeping the five-year rate unchanged.

Persons: Tingshu Wang, Xing Zhaopeng, Xing, Wang Tao, Winni Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, ANZ, UBS, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States

☆ Japan's top currency diplomat says Tokyo in close contact with US on FX moves
▼ + stars: | 2023-09-20 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

[1/2] Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Yellen said whether Washington would show understanding over another yen-buying intervention by Japan "depends on the details" of the situation. Last September, Japan conducted its first dollar-selling intervention to prop up the yen in 24 years as the dollar reached around 145 yen to the dollar. Authorities intervened twice in October as the dollar reached close to 152 yen. The Group of Seven (G7) nations require that member states inform their counterparts if they intervene in the currency market.

Persons: Florence Lo, Masato Kanda, Janet Yellen, Yellen, Kanda, Fumio, Tetsushi Kajimoto, Jacqueline Wong, Sam Holmes Organizations: U.S, REUTERS, Rights, Treasury, Authorities, Thomson Locations: Washington, Japan

☆ China leaves benchmark lending rates unchanged, as expected
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Sept 20 (Reuters) - China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, matching market expectations, as fresh signs of economic stabilisation and a weakening yuan reduced the need for immediate monetary easing. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. In a Reuters survey of 29 market analysts and traders, all participants predicted no change to the one-year LPR, while a vast majority of them also expected the five-year rate to remain steady. China cut the one-year benchmark lending rate in August but surprised markets by keeping the five-year rate unchanged.

Persons: Tingshu Wang, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, ANZ, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE

☆ Japan's central bank will keep stimulus for now as risks grow
▼ + stars: | 2023-09-19 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

A man walks in front of the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. Many central bank policymakers prefer to hold fire until there is more clarity on whether Japan's fragile economy can weather the hit from slowing U.S. and Chinese demand, they say. "Uncertainty over the global outlook is very high, posing a huge risk to Japan's economy," one of the sources said. At the two-day meeting ending on Friday, the BOJ is widely expected to maintain its short-term interest rate target of -0.1% and that for the 10-year bond yield around 0%. It is also seen leaving unchanged guidance pledging to keep intact its bond yield control policy until inflation stably hits the bank's 2% target, the sources said.

Persons: Issei Kato, Ueda, Kazuo Ueda, Haruhiko, Leika Kihara, Sam Holmes Organizations: Bank of Japan, REUTERS, Bank of, Thomson Locations: Tokyo, Japan, TOKYO, Bank of Japan, United States

☆ Morning Bid: Chips are down
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The global chip sector is stealing the spotlight from major central banks, after the world's top contract chipmaker raised concerns over demand, hitting share prices of semiconductor stocks. In a week packed with central bank meetings, decisions are also due from the U.S. Federal Reserve on Wednesday and Bank of England on Thursday. After the European Central Bank's fireworks last week, the euro will be closely watched as a signal for whether the backlash from more hawkish ECB members is gaining any traction with traders and investors. The BOE is likely to hike interest rates for the 15th time later in the week, while the Fed seems set for a hawkish pause. One more little complication is the steady grind higher in oil prices to new highs that is stoking inflation concerns, just as central banks in most developed economies are at or approaching the end of their tightening cycles.

Persons: Vidya Ranganathan, chipmaker, There's, Kazuo Ueda, BOE, Guindos, Panetta, Sam Holmes Organizations: Vidya, Reuters, General Motors, Ford, Chrysler, International, Co, of, U.S . Federal Reserve, Bank of England, ECB, Thomson Locations: Asia, Detroit

This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ China boosts liquidity with medium-term policy tool
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, February 3, 2020. All 33 market watchers polled by Reuters this week predicted no change to the MLF rate. With 400 billion yuan worth of MLF loans set to expire this month, the operation resulted in a net 191 billion yuan of fresh fund injections into the banking system. It lent another 34 billion yuan via 14-day reverse repos at 1.95%, down from 2.15% previously. The rate reduction was a follow-up move to the rate cut to the seven-day tenor last month.

Persons: Jason Lee, Ken Cheung, Cheung, Marco Sun, Sun, Winni Zhou, Tom Westbrook, Tom Hogue, Shri Navaratnam, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Reuters, Mizuho Bank, MUFG Bank, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States

☆ Australian jobs surge as productivity debate heats up
▼ + stars: | 2023-09-14 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

"Headline indicators report a very strong employment report, but the bias towards predominantly part-time employment should temper exuberance," said Dwyfor Evans, head of APAC macro strategy at State Street Global Markets. Markets maintained bets that the Reserve Bank of Australia (RBA) would keep rates steady next month, with an about 40% chance of one final hike early next year. WAGES, PRODUCTIVITYThe strong figures showed Australia's jobs market is still extremely tight more than and a year-and-a-half after the economy shook off its COVID-era border restrictions. loadingTreasurer Jim Chalmers on Thursday welcomed the strong jobs report, but warned that the labour market could slow from here, a consensus view among economists. Adam Boyton, head of Australian research at ANZ, is already seeing signs of slackening in the labour market, with underemployment rate creeping up and hours worked falling.

Persons: Barista Claudio Chimisso, Loren Elliott, Dwyfor Evans, Tim Gurner, Alexandria Ocasio, Cortez, Jim Chalmers, Chalmers, Adam Boyton, Boyton, Stella Qiu, Kim Coghill, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Street Global, Reserve Bank, Australian, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia, China

☆ S.Korea c.bank says coordinated efforts needed to deal with household debt
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Sept 14 (Reuters) - South Korea's central bank said on Thursday it needs to make coordinated efforts to contain household debt, which is at levels that could undermine economic growth and financial stability. "Unlike in major countries, household debt increased continuously without de-leveraging and has reached a level that hinders macroeconomic and financial stability," the Bank of Korea (BOK) said in its quarterly monetary policy report. South Korea's household borrowing grew for a fifth straight month in August by the biggest amount in two years, driven up by rising mortgage demand, prompting financial authorities to tighten certain loan regulations. The BOK said in the report it was more effective for macro-prudential policy to coordinate with monetary policy than for policy responses to be made in isolation.

Persons: Kim Hong, BOK, Jihoon Lee, Sam Holmes Organizations: Bank of, REUTERS, Rights, Bank of Korea, prudential, Thomson Locations: Bank of Korea, Seoul, South Korea, Rights SEOUL

☆ China's central bank vows to support demand, price rebound
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People's Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official. The central bank "will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality," the official said. New bank loans beat expectations by nearly quadrupling in August from July, as the central bank sought to shore up economic growth amid soft demand at home and abroad. The central bank last cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - in March.

Persons: Jason Lee, Zhou Maohua, Kevin Yao, Liangping Gao, Tom Hogue, Sam Holmes, Miral Organizations: People's Bank of China, REUTERS, Rights, Financial, China Everbright Bank, Officials, Beijing Newsroom, Thomson Locations: Beijing, China, Rights BEIJING

Versus the June survey, a corn harvested area increase of 774,000 acres in the fall is the largest ever back to at least the mid-1990s. Only 2012's increase of 890,000 acres (0.9%) was larger, though final corn acres usually come in lower than in June (15 of last 20 years). USDA was not the only entity too low on U.S. corn acres this year. The March planting survey came in more than a million acres above the trade estimate, then June corn acres blew out the highest trade guess by more than a million acres, topping the average guess by more than 2 million acres. That is the opposite of what happened in 2021, the last time USDA’s fall area review substantially boosted corn acres.

Persons: NASS, Karen Braun, Sam Holmes Organizations: U.S . Department of Agriculture, USDA's Farm Service Agency, Agricultural Statistics Service, USDA, Analysts, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S

☆ China 2023 GDP growth forecast cut to 5.0%, 4.5% in 2024 - Reuters poll
▼ + stars: | 2023-09-12 | by ( Vivek Mishra | ) www.reuters.com time to read: +4 min

"The primary culprit is the property sector. This source of growth has now evaporated and won't be coming back," said Julian Evans-Pritchard, head of China economics at Capital Economics in Singapore. The Sept. 4-11 Reuters poll of 76 analysts, based in and outside mainland China, predicted the economy would grow 5.0% this year, lower than 5.5% forecast in a July survey. While recent data showed signs of improvement in the economy, some economists said more policy support was needed for the ailing property sector. A strong majority of economists who answered an additional question said the risks to their 2023 and 2024 GDP growth forecasts were skewed to the downside.

Persons: Julian Evans, Pritchard, Bingnan Ye, Teeuwe Mevissen, Vivek Mishra, Devayani, Anant Chandak, Veronica Khongwir, Jing Wang, Kevin Yao, Ross Finley, Sam Holmes Organizations: Capital Economics, China Merchants Bank, People's Bank of, Rabobank, Thomson Locations: BENGALURU, China, Singapore, Beijing, Hong Kong, People's Bank of China, Netherlands, Bengaluru, Shanghai

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