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| China's bullish stock market may undergo correction | 2008-1-1 |
| BEIJING, Jan. 12 (Xinhua) -- China's stock market has been forecast to remain bullish in 2008 but might dip in the medium and short term, the Chinese Academy of Science (CAS) said in its latest report. | |
| China's bullish stock market may undergo correction | 2008-1-1 |
| BEIJING, Jan. 12 (Xinhua) -- China's stock market has been forecast to remain bullish in 2008 but might dip in the medium and short term, the Chinese Academy of Science (CAS) said in its latest report. | |
| Chinese currency hits news high against U.S. dollar | 2008-1-1 |
| BEIJING, Jan.14 (Xinhua) -- China's currency, the yuan, hit a new high against the U.S. dollar on Monday, smashing the 7.26 mark to reach a central parity rate of 7.2566 yuan to one dollar. The yuan, also known as the Renminbi, went up 106 basis points from Friday, the previous trading day. This was the fifth time that the Chinese currency hit a new high against the U.S. dollar since the beginning of this year. The yuan rose 6.9 percent against the dollar last year and has appreciated against the greenback by more than 12 percent since a new currency regime was imposed in July 2005 to discontinue the local currency's peg to the dollar. Observers here said the yuan's rise would help China reduce its massive trade surplus, mop up excess liquidity and curb inflation. China's trade surplus soared 47.7 percent last year to 262.2 billion U.S. dollars over the previous year. But the growth rate was 21.7 percentage points lower than the 69.4 percent for the first three months of 2007. On Monday, the Renminbi gained 34 basis points against the unified European currency to 10.7452 yuan to one euro, while it lost 402 basis points against the Japanese currency to 6.6645 yuan to 100 Japanese yen. | |
| FAW Group posts 23% growth in sales volume in 2007 | 2008-1-1 |
| BEIJING, Jan. 14 (Xinhua) -- China First Automotive Works (FAW) Group, one of the country's major automakers, produced 1.47 million motor vehicles last year and sold 1.44 million, company sources said on Monday. Sales were 23.2 percent higher than in 2006. The sales volume included 1.19 million cars, up 23.1 percent, 155,000 heavy-duty and mid-sized trucks, up 26.6 percent, and 77,000 light trucks, up 18.4 percent. The sources said last year saw FAW Group sell 620,000 motor vehicles under its own brands, up 12.8 percent. This total included 28,800 units exported, up 44 percent, with a value of 387million U.S. dollars, up 100.7 percent. Auto sales by FAW Group's joint ventures, including one with Germany's Volkswagen and another with Japan's Toyota, grew 32.4 percent to 816,000 vehicles, or 56.8 percent of the group's total annual vehicle sales. In terms of vehicles with foreign brand names, the group sold 366,000 Volkwagen cars, up 38.7 percent, 92,000 Audi cars, up 19.4percent, and 287,259 Toyota cars, up 28.2 percent. | |
| China automobile imports up 30% in 2007 | 2008-1-1 |
| BEIJING, Jan. 13 (Xinhua) -- The number of automobiles imported to China was likely to reach 300,000 in 2007, up 30 percent year-on-year, China Trading Center for Automobile Import (CTCAI) forecast here Saturday. Ding Hongxiang, general manager of the CTCAI, attributed the sound growth to stable policies for car imports since the country promised to reduce the tariff to 25 percent by July 1, 2006. Customs statistics showed that in the first 11 months last year, the number of imported vehicles stood at 277,093 units, up 37.6 percent. More luxury cars were imported in 2007. Those with an engine size larger than 2.5L accounted for 69.4 percent of the total. Sports Utility Vehicles were likely to overtake sedans for the first time to become the most popular imported cars, Ding said. From January to November, the number of imported SUVs rose 65 percent to 126,659. Japan, Germany, the Republic of Korea and the U.S. were the major source countries for China's imported cars. Forty-two percent of sedans were imported from Germany and 48 percent of SUVs were imported from Japan. In 2006, China overtook Japan to become the world's second largest car market second only to the United States, with sales of 7.2 million units, up 25.13 percent year-on-year. China was also the world's third largest vehicle producer, after Japan and the United States. | |
| China's bullish stock market may undergo correction | 2008-1-1 |
| BEIJING, Jan. 12 (Xinhua) -- China's stock market has been forecast to remain bullish in 2008 but might dip in the medium and short term, the Chinese Academy of Science (CAS) said in its latest report. | |
| China's bullish stock market may undergo correction | 2008-1-1 |
| BEIJING, Jan. 12 (Xinhua) -- China's stock market has been forecast to remain bullish in 2008 but might dip in the medium and short term, the Chinese Academy of Science (CAS) said in its latest report. | |
| Chinese currency hits news high against U.S. dollar | 2008-1-1 |
| BEIJING, Jan.14 (Xinhua) -- China's currency, the yuan, hit a new high against the U.S. dollar on Monday, smashing the 7.26 mark to reach a central parity rate of 7.2566 yuan to one dollar. The yuan, also known as the Renminbi, went up 106 basis points from Friday, the previous trading day. This was the fifth time that the Chinese currency hit a new high against the U.S. dollar since the beginning of this year. The yuan rose 6.9 percent against the dollar last year and has appreciated against the greenback by more than 12 percent since a new currency regime was imposed in July 2005 to discontinue the local currency's peg to the dollar. Observers here said the yuan's rise would help China reduce its massive trade surplus, mop up excess liquidity and curb inflation. China's trade surplus soared 47.7 percent last year to 262.2 billion U.S. dollars over the previous year. But the growth rate was 21.7 percentage points lower than the 69.4 percent for the first three months of 2007. On Monday, the Renminbi gained 34 basis points against the unified European currency to 10.7452 yuan to one euro, while it lost 402 basis points against the Japanese currency to 6.6645 yuan to 100 Japanese yen. | |
| FAW Group posts 23% growth in sales volume in 2007 | 2008-1-1 |
| BEIJING, Jan. 14 (Xinhua) -- China First Automotive Works (FAW) Group, one of the country's major automakers, produced 1.47 million motor vehicles last year and sold 1.44 million, company sources said on Monday. Sales were 23.2 percent higher than in 2006. The sales volume included 1.19 million cars, up 23.1 percent, 155,000 heavy-duty and mid-sized trucks, up 26.6 percent, and 77,000 light trucks, up 18.4 percent. The sources said last year saw FAW Group sell 620,000 motor vehicles under its own brands, up 12.8 percent. This total included 28,800 units exported, up 44 percent, with a value of 387million U.S. dollars, up 100.7 percent. Auto sales by FAW Group's joint ventures, including one with Germany's Volkswagen and another with Japan's Toyota, grew 32.4 percent to 816,000 vehicles, or 56.8 percent of the group's total annual vehicle sales. In terms of vehicles with foreign brand names, the group sold 366,000 Volkwagen cars, up 38.7 percent, 92,000 Audi cars, up 19.4percent, and 287,259 Toyota cars, up 28.2 percent. | |
| China automobile imports up 30% in 2007 | 2008-1-1 |
| BEIJING, Jan. 13 (Xinhua) -- The number of automobiles imported to China was likely to reach 300,000 in 2007, up 30 percent year-on-year, China Trading Center for Automobile Import (CTCAI) forecast here Saturday. Ding Hongxiang, general manager of the CTCAI, attributed the sound growth to stable policies for car imports since the country promised to reduce the tariff to 25 percent by July 1, 2006. Customs statistics showed that in the first 11 months last year, the number of imported vehicles stood at 277,093 units, up 37.6 percent. More luxury cars were imported in 2007. Those with an engine size larger than 2.5L accounted for 69.4 percent of the total. Sports Utility Vehicles were likely to overtake sedans for the first time to become the most popular imported cars, Ding said. From January to November, the number of imported SUVs rose 65 percent to 126,659. Japan, Germany, the Republic of Korea and the U.S. were the major source countries for China's imported cars. Forty-two percent of sedans were imported from Germany and 48 percent of SUVs were imported from Japan. In 2006, China overtook Japan to become the world's second largest car market second only to the United States, with sales of 7.2 million units, up 25.13 percent year-on-year. China was also the world's third largest vehicle producer, after Japan and the United States. | |
