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Inflation data chills markets

0 CommentsPrint E-mail China Daily via agencies, May 12, 2011
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China may raise rates "soon'" to control inflation that will range between 5 and 6 percent until July or August, said Stephen Green, head of Greater China research at Standard Chartered Plc.

Jiangxi Copper slumped 1.3 percent to 33.79 yuan. Yunnan Copper Industry Co declined 1.3 percent to 22.92 yuan.

The nation's passenger-car sales slowed in April from the previous month as the government raised fuel prices and Japan's record earthquake slowed deliveries.

Deliveries of autos to dealerships rose 2.8 percent from a year earlier to 1.14 million units, according to a statement from the China Association of Automobile Manufacturers on Tuesday. Sales climbed 6.5 percent in March.

Baoshan Iron & Steel Co, the supplier of half of China's market for automotive steel, lost 0.4 percent to 6.88 yuan.

A gauge of consumer staples in the CSI 300 rose 0.3 percent. Kweichow Moutai surged 0.9 percent to 185.27 yuan. , while its rival Wuliangye Yibin Co added 1 percent to 33.20 yuan.

Wednesday's inflation figures may buttress the case made by US Treasury Secretary Timothy F. Geithner that China needs a stronger yuan to contain prices and spur domestic demand.

Twelve-month non-deliverable forwards climbed 0.06 percent to 6.3438 a dollar as of 10:17 am in Hong Kong, according to data compiled by Bloomberg. The contracts reflect bets that the yuan will strengthen 2.3 percent from the onshore spot rate.

A stronger yuan pares the value of dollar-denominated debt accumulated by buying planes. Every rise of 1 percent in the yuan will add 600 million yuan to Air China's earnings, said Rao Xinyu, head of investor relations. Meanwhile, China Southern said on March 29 that every 1 percent gain in the yuan adds 400 million yuan to earnings.

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