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Reuters
a day ago
- Business
- Reuters
China's central bank pledges to speed up policy response to economic conditions
BEIJING, June 27 (Reuters) - China's central bank said on Friday that it would adjust the pace and intensity of policy implementation in response to domestic and global economic and financial conditions. The world's No.2 economy has faced pressure this year due to U.S. President Donald Trump's imposition of tariffs on Chinese products and persistent deflationary pressure at home. "The external environment has grown increasingly complex and challenging, with weakening momentum in global economic growth, rising trade barriers, and diverging economic performance among major economies," the People's Bank of China (PBOC) said in a summary of its quarterly monetary policy committee meeting. The economy "still faces difficulties and challenges such as insufficient domestic demand, persistently low price levels, and multiple hidden risks," the bank said. "It is suggested that the intensity of monetary policy adjustments be increased, and the forward-looking, targeted and effective nature of monetary policy adjustments be enhanced," it added. The central bank said it will guide financial institutions to step up credit supply, and push for the lowering of overall social financing costs. It also pledged to enhance the resilience of the foreign exchange market, to guard against the risk of exchange rate overshooting, and to keep the yuan exchange rate "basically stable at a reasonable and balanced level." On the beleaguered property market, the bank said it will increase efforts to revitalise existing commercial housing and land inventory, and continue to consolidate the "stable momentum" in the sector.
South China Morning Post
a day ago
- Business
- South China Morning Post
China industrial profits sink 9% in May on ‘weak demand', US trade dispute
China's industrial profits fell by more than 9 per cent in May over the same month of 2024, according to data released on Friday, reflecting what analysts said was weak domestic demand for minerals and motor vehicles, coupled with ramifications of the US-China tariff dispute. Advertisement The National Bureau of Statistics said profits for industrial companies making more than 20 million yuan a year in revenue dropped in May by 9.1 per cent, year on year. Industrial profits fell 9.7 per cent in May over April, after seasonal adjustments, following a 4 per cent rise in April versus March, New York-based Goldman Sachs said in a research note on Friday. And manufacturing profits, part of industry overall, saw a year-on-year increase of 8.6 per cent during the first four months of 2025 before slowing to 5.4 per cent in May, Dutch financial services firm ING calculated. Bureau data also showed that mining profits fell a steep 29 per cent in the first five months of the year compared with the same months of 2024, and that automotive profits shed 11.9 per cent over the same period. Advertisement The bureau blamed insufficient demand, falling prices, and fluctuations in 'short-term factors' for the overall decline in profits last month. Its figures showed that profits reached 2.72 trillion yuan (US$380 billion) in the first five months of 2025, down 1.1 per cent, year on year.
South China Morning Post
a day ago
- Business
- South China Morning Post
China industrial profits sink 9% in May on ‘weak demand', US trade dispute
China's industrial profits fell by more than 9 per cent in May over the same month of 2024, according to data released on Friday, reflecting what analysts said was weak domestic demand for minerals and motor vehicles, coupled with ramifications of the US-China tariff dispute. The National Bureau of Statistics said profits for industrial companies making more than 20 million yuan a year in revenue dropped in May by 9.1 per cent, year on year. Industrial profits fell 9.7 per cent in May over April, after seasonal adjustments, following a 4 per cent rise in April versus March, New York-based Goldman Sachs said in a research note on Friday. And manufacturing profits, part of industry overall, saw a year-on-year increase of 8.6 per cent during the first four months of 2025 before slowing to 5.4 per cent in May, Dutch financial services firm ING calculated. Bureau data also showed that mining profits fell a steep 29 per cent in the first five months of the year compared with the same months of 2024, and that automotive profits shed 11.9 per cent over the same period. The bureau blamed insufficient demand, falling prices, and fluctuations in 'short-term factors' for the overall decline in profits last month. Its figures showed that profits reached 2.72 trillion yuan (US$380 billion) in the first five months of 2025, down 1.1 per cent, year on year.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
China's Industrial Profit Declined in May
China's industrial profit declined in May from a year earlier, reversing gains seen in the prior month, as weak demand and U.S. trade tariffs weighed on profitability. Industrial profit fell 9.1% year over year in May, tumbling from April's 3.0% rise, data released by the National Bureau of Statistics showed Friday.
Bloomberg
a day ago
- Business
- Bloomberg
China's Industrial Profits Plummet as Trump's Tariffs Hit
By Updated on Save China's industrial firms saw their profits drop the most since October, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Industrial profits fell 9.1% last month from a year earlier, according to data released Friday by the National Bureau of Statistics. The May reading reversed a modest gain earlier this year and took decline in the first five months to 1.1%.
