China Securities Journal

			Chinese (中文版)

Zhou: Low rates could discourage financing real economy
Low interest rates, especially the deposit rate, would discourage financial institutions from providing adequate financing to the real economy, Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said Friday.

China's economy to expand 9.4% in 2010
China's economy is forecast to grow more than 9 percent next year on the growth of domestic consumption and improving exports, said a report released Friday by the Beijing-based Renmin University of China.

	Economy/Industry
US biz economists notch up 2010 growth outlook A group of US business economists boosted their forecast for economic growth over the next year, but said the jobless rate will remain stubbornly high, a survey released yesterday showed.
	·'Black Friday' may not signal retail comeback ·Disneyland's final location of 116 hectares announced ·Macao logs over 10,000 residential units under construction in Q3 ·Macao records 17 hotel projects under construction in Q3 ·China telecom sector reports nearly 700 bln yuan in main business revenue by Oct ·Tax-take from automobile industry surges in China

	Markets
Gold hits a record as greenback loses luster Gold hit a record high at $1,167.35 an ounce yesterday as dollar weakness pushed the metal through key technical resistance levels, fuelling momentum buying after the metal's sharp run higher earlier this month.
	·Rising inputs to prop aluminum ·Equities edge up led by consumer firms, 11/23 ·Stronger yuan may spur shares ·Chinese shares open slightly higher on Monday, 11/23 ·China Enterprises Index falls 1.05%, 11/20 ·HK stocks close 0.87% lower, 11/20

	Finance
Bullard: Keep MBS program active A senior Federal Reserve official said the central bank should keep alive its mortgage-related assets purchase program beyond a planned end-date to give policymakers more flexibility as they help the economy recover from a painful recession.
	·Push for stronger Chinese yuan does no good now ·China to float 15 bln yuan T-bonds this week ·Zhou: Low rates could discourage financing real economy ·China's premium income top 936 bln yuan in first 10 months ·Malaysia oks license to China's largest commercial bank ·Listed banks may need 300b yuan in capital, says BNP Paribas

	Trade
China-ROK free trade deal urged Partly induced by the drop in trade between South Korea and China amid the global recession, officials from both sides committed to expediting negotiations for a free trade agreement.
	·China continues anti-dumping measures on some imported TDI ·Obama in S. Korea free trade pledge ·Eurozone trade surplus stands at $5.5 bln in September ·Chinese, Algerian enterprises seek to expand business cooperation ·Chinese exporters fear new wave of exchange rate fluctuations ·70% Chinese entrepreneurs expect better export prospect next year

	Companies
Germany warns peers on GM aid Germany warned fellow European governments yesterday against offering financial aid to General Motors Europe in exchange for job guarantees, ahead of a meeting in Brussels to discuss the future of the company.
	·'Kraft may up offer for Cadbury' ·Games firm Zynga may raise $1b from float ·Indian petrochem giant in big buyout bid ·UCWeb bets big on surging 3G volumes ·Merck to set up R&D unit in Beijing ·Sands China raises $2.5b after pricing IPO at bottom

	Analysis/Opinion
Falling greenback distorting global asset prices America owes the world a fortune and is actively looking for ways to reduce the level of repayment on the debt. One very effective way to reduce payments is to revalue the amount that you owe. This is most effectively achieved by changing the valuation of the currency.
	·China offers new growth pattern ·Obama's visit to highlight emphasis on Asia ·How to handle global economic imbalances ·The way to low-carbon economy ·Financial crisis has deepened food crisis ·Ignore monetary policy at your peril