China’s manufacturing expanded at its slowest pace for four months in June as a cash squeeze in the banking system reduced the flow of credit to companies.
The National Bureau of Statistics of China and China Federation of Logistics and Purchasing (CFLP) reported that the Purchasing Managers’ Index (PMI) was at 50.1 in June from May’s 50.8. Readings above 50 signal expansion.
Weaker gains in manufacturing add to odds that China’s premier, Li Keqiang, will become the first to miss an annual growth target since the Asian financial crisis in 1998. Expansion probably slowed in Q213 for a second straight quarter after export growth fell sharply and Li reined in record credit expansion to contain shadow banking risks.
Chinese president Xi Jinping has said officials that should not be judged solely on their record in boosting gross domestic product (GDP), according to a 29 June report by the Xinhua News Agency, adding to signals that policymakers are prepared to tolerate slower economic expansion.
The Communist Party should instead place more importance on achievements in improving people’s livelihood, social development and environmental quality, Xinhua said.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Direct carrier billing is currently a competitive payments industry in Europe, but will it flourish under PSD2? EE and Microsoft think so.
This year’s EuroFinance conference in Barcelona is billed to be bigger than ever so we have picked out 10 of the best sessions taking place next week.
After winning the German presidency for her fourth term, Angela Merkel must weld a coalition government or have a minority rule with the most far-right politicians seen in 50 decades.