Wednesday 9 November 2011

China

Hong Kong Exporters May Close 16,000 Factories In China Due To High Costs And Low Demand


8 November, 2011

The Federation of Hong Kong Industries has said that it expected factory orders in the second half of 2011 and first half of 2012 to fall between 5% - 30%, Reuters reported.

Over 16,000 Hong Kong factories in China could downsize or shut by the end of the year if exporters are hit with rising costs and a slowdown in global demand for Chinese goods. 

Chinese PMI hit a 32-month low in October dropping to 50.4% and hovering just above contractionary levels.

Wage inflation has been impacting businesses in China. And key factory sites in southern China could see an 18% - 20% hike in minimum wages on January 1. 

This comes amid the European debt crisis and sluggish U.S. economic recovery which have lowered this year's Christmas orders.



China's Gold Imports Jump Sixfold



7 Nov 2011 | 7:01 PM ET

Chinese gold imports from Hong Kong, a proxy for the country’s overall overseas buying, leapt to a record high in September, when monthly purchases matched almost half that for the whole of 2010.

The buying spree follows a sharp drop in the price of the precious metal. After hitting a nominal all-time high of $1,920.30 a troy ounce in September, gold fell to a three-month low of $1,534 an ounce later in the month. Chinese investors snapped up the metal as prices fell.

Analysts expect the September import surge to continue until the end of the year as Chinese gold buyers snap up gold in advance of Chinese New Year, China’s key gold-buying period.

For article GO HERE

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