Stat Wrap

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GDP growth sets the pace in the latest round of economic statistics out of China – with thanks to Bloomberg.

    • “China’s economy grew 10.6 percent, faster than estimated… from 11.2 percent in the previous three months”.

    • “Consumer prices climbed 8.3 percent in March, the statistics bureau said”.

    • “The yuan closed at 6.9918 versus the dollar in Shanghai from 6.9973 before the economic data was released. The currency has gained more than 4 percent this year, compared with a 7 percent increase in 2007, reducing import costs and aiding efforts to reduce the trade surplus.”

    • “China’s foreign-exchange reserves, the world’s largest, rose to $1.68 trillion at the “end of March.

APP reports that GDP growth might slow further:

    “The World Bank on Tuesday trimmed its 2008 growth forecast for China to 9.4 percent from 9.6 percent but said it should be robust enough to help drive the global economy as the United States and other industrialized countries slow.

    …Beijing has set a growth target this year of 8 percent following last year’s 11.4 percent expansion. The government often sets a low target for budget purposes and raises it as the year progresses.”

So, rather than being the bête noir of the global trading community (or at least much of their media) China might yet find a few new friends on the back of its relative economic strength.

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