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China industrial production rises 8.8% in May
June 13, 2014, 9:20 am

"As we are now beginning to see monthly data picking up, the logical question is whether more easing will be needed," a HSBC research note said earlier this week [Xinhua]

“As we are now beginning to see monthly data picking up, the logical question is whether more easing will be needed,” a HSBC research note said earlier this week [Xinhua]

Reinforcing signs of stabilisation in the economy, China’s industrial production expanded at faster pace in May, according to the National Bureau of Statistics (NBS) on Friday.

The industrial added-value output rose 8.8 per cent in May from a year ago, accelerating 0.1 percentage points from the April figure, the NBS data showed.

Meanwhile, the value of the Chinese currency renminbi, or the yuan, strengthened 13 basis points to 6.1503 against the US dollar in its central parity on Friday, according to the China Foreign Exchange Trading System.

In China’s foreign exchange spot market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

 

Source: Agencies