China’s real estate investment fell 4% to 5.21 trillion in January – May from a year earlier, compared to 2.7% drop during the first four months of the year, according to the National Bureau of Statistics, with residential real estate investment down 3% to 3.95 trillion yuan.
China’s crude oil output reached 17.57 million tonnes in May, rising 3.6% from a year earlier, slowing by 0.4 percentage points from the previous month, with average daily crude oil output at about 567,000 tonnes, according to the National Bureau of Statistics.
China’s fixed-asset investment grew by 6.2% in Jan – May from a year earlier, according to data released by the National Bureau of Statistics, compared to 6.8% growth for Jan – Apr and expected 6% growth.
The Hong Kong Monetary Authority (HKMA), the city’s de-facto central bank, bought HK$9.255 billion ($1.18 billion) from the market in New York trading hours to defend its peg to the US dollar amid recent strength in the greenback ahead of an expected US interest rate hike this week.
Hong Kong stocks open higher on Wednesday, with the benchmark Hang Seng Index up 0.21% to 21,222.3, the Hang Seng China Enterprises Index up 0.38%, the Hang Seng Tech Index up 1.26%.
The environment for China’s development has become more complex and severe with rising uncertainties due to geopolitical tensions and a new round of Covid-19 outbreaks, and the downward pressure on the economy has increased, said the Ministry of Industry and Information Technology at a news briefing on Tuesday.
China will raise the retail prices of gasoline and diesel by 390 yuan per tonne and 375 yuan per tonne, respectively, effective from Wednesday (June 15), said the National Development and Reform Commission, the country’s top economic planner.
China’s social inventory of the five major steel products in 21 major cities stood at 12.38 million tonnes in the first ten days of June, rising by 2.6% from the previous ten days, marking the first rise after sliding for nine ten-day session according to the China Iron and Steel Association.
An increase number of land plots were withdrawn from the first round of auctions in major Chinese cities in the period of February – June this year amid sluggish land market as property developers struggling in a cash crunch remained reluctant to purchase land.
Hong Kong step in the market to buy the local currency for the first time since mid-May, as the Hong Kong dollar hit the weak end of its trading band amid recent strength in the US dollar ahead of an expected US interest rate rise on Thursday.
Chinese van-hailing platform GogoX aims to raise HK$671 million ($85.5 million) via its IPO in Hong Kong. GogoX priced its shares at HK$21.50 ($2.70) apiece, according its announcement on Tuesday.
China’s inbound foreign direct investment (FDI), in actual use, expanded 17.3% in the first five months of the year from the same period last year to 564.2 billion yuan, according to data released by the Ministry of Commerce.
