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China's June Exports, Imports Fall As Trade War Takes Heavier Toll PDF
China's June Exports, Imports Fall As Trade War Takes Heavier Toll PDF
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China's June exports, imports fall as trade war takes heavier toll
The gloomy trade readings added to a string of recent downbeat economic data which have
fueled expectations that Beijing needs to announce more stimulus measures soon to ward
off a sharper slowdown.
Lord’s: The Home of Chennai real estate hit
Reuters Cricket due to water scarcity
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United States
China'sramped upimports
June exports, trade fall as Syndicate Bank cuts MCLR across tenors Banks mayMUST LISTEN
not waive off RTGS and NEFT
trade war takes heavier toll by 5 bps from June 15 charges fully
pressure, while imports shrank
more than expected, pointing to
further weakness in the world's
second-largest economy and
slackening global growth.
China is expected to report on Monday that growth in the second quarter was the weakest in at least 27 Subscribe to our Daily Newsletter
Other data released on Friday showed new bank loans rose to a three-month high in June as policymakers Get Daily News on your Browser Enable
sought to keep ample funds in the financial system, though the tally was less than analysts had expected.
TRENDING NEWS
RELATED NEWS "Overall, imports and exports are declining quarter by quarter, and weak
June exports fell 1.3% from a year earlier, not as much as the 2% drop analysts had expected but reversing a Mumbai rains: IMD mocked on Twitter over
failed predictions
surprise gain in May when shippers rushed to beat more US tariffs, customs data showed.
Imports fell 7.3%, a sharper drop than the 4.5% expected and following a 8.5% contraction in May,
suggesting domestic demand remains tepid despite a flurry of growth measures since last year.
That left China with a trade surplus of $50.98 billion last month, compared with a $41.66 billion surplus in
May.
"We don't expect global growth to bottom out until next year. And while the truce reached between
(presidents) Trump and Xi at the G20 late last month removes the immediate threat of further US tariffs, our
base case remains that trade talks will break down again before long," Capital Economics wrote.
Highlighting industrial weakness, China's imports of copper, used in electrical gear from wiring to motors,
plunged 27% from a year earlier. Iron ore, crude oil , coal, and soybean imports fell from a month earlier.
"Copper demand is still weakening ... for most of the sectors, especially air conditioning," said He Tianyu, an
analyst at consultancy CRU in Shanghai. "The trade war could be one of the factors but the bigger problem is
actually China's domestic demand - this summer is weaker than last year."
So far, Beijing has relied on a combination of fiscal stimulus and monetary easing to weather the slowdown,
including hundreds of billions of dollars in infrastructure spending and tax cuts for companies.
The central bank has also slashed banks' reserve requirements six times since early 2018, freeing up more
money to lend, with more cuts expected in coming quarters. Some analysts believe it could also trim short-
term borrowing rates if the US Federal Reserve eases policy later this month.
But the economy has been slow to respond, and business confidence remains shaky, weighing on
investment. Investors fear a longer and costlier trade war between the world's two largest economies could
trigger a global recession.
"Policy easing is still nudging up broad credit growth," Capital Economics wrote in a note.
"But...the pick-up in lending has been modest relative to previous loosening cycles and is unlikely to prevent
economic growth from slowing further in the coming quarters," the note said.
Chinese banks made 1.66 trillion yuan ($241.47 billion) in new loans last month, but the figure was less than
the same month last year.
China's economic growth is expected to slow to a near 30-year low of 6.2% this year, from 6.6% in 2018, a
Reuters poll showed on Wednesday.
Growth next year will likely cool further to 6.0%, the poll showed, and some analysts say it could be even
weaker if trade talks blow up again and Washington imposes more tariffs and curbs on Chinese technology
companies.
June marked the first full month of higher US tariffs on $200 billion of Chinese goods, which Washington
imposed after trade talks between the world's largest economies broke down.
Though the countries' leaders agreed in late June to resume negotiations, and the US said it would hold off
on additional levies, existing tariffs remain in place, producing a long slow burn for the Chinese economy,
according to ING.
Some exporters which lowered prices for US customers after earlier tariffs have reportedly said they cannot
absorb the new, stiffer levies and still make money.
No timeframe has been set for a new round of face-to-face trade talks, and the two sides remain at odds over
significant issues, raising the risk of a longer and costlier battle that is already engulfing other economies
from tiny Singapore to export powerhouse Germany.
China's trade surplus with the United States, a major source of friction, rose 11% in June from May to $29.92
billion.
For the first half, the surplus with the US rose around 5% to $140.48 billion from the same period a year
earlier.
China's exports to US fell 7.8% in June on-year, while its imports from America plunged 31.4%.
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month MCLRs have also been cut Enter Email address Submit
NSELIVE
40.00 -0.25 (-0.62%)
by 5 bps each to 8.15 per cent, 12 Jul, 2019 15:59
The base rate has been kept unchanged at 9.50 per cent, while the benchmark prime lending rate (BPLR)
also stands unchanged at 13.85 per cent.
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Banks may not waive off RTGS and NEFT charges fully
They are allowed to charge for administrative and fixed costs, network charges, manpower,
etc. from these services.
Hiral Thanawala
@thanawala_hiral Lord’s: The Home of Chennai real estate hit
Cricket due to water scarcity
Sebi-registered investment adviser from Mumbai was recently charged for NEFT transaction by Bank of
STAY UPDATED
Baroda (BoB). After raising a complaint with the BOB authorities, Mashruwala got a reply from the bank
stating that it has revised its service charges and waived off the processing charges and time varying Subscribe to our Daily Newsletter
charges for NEFT transactions as per the RBI circular, with effect from July 1, 2019. The bank will continue Enter Email address Submit
to charge for other applicable costs which it incurs on such transactions. A senior retail banker requesting
anonymity said, “Banks can continue to charge for administrative and fixed costs, network charges, Get Daily News on your Browser Enable
manpower, etc. from these services. Only charges paid to the RBI by banks for this transaction must be
reduced.”
TRENDING NEWS
In June, during the second monetary policy meeting, the Reserve Bank of India (RBI) announced the
removal of charges levied by the Central Bank for transactions processed in the Real Time Gross Settlement Asus ROG Zephyrus
M GU502 review:
System (RTGS) and National Electronic Funds Transfer (NEFT) systems. So, banks were required to pass on Powerful gaming
laptop that scores
these reduced charge benefits on RTGS and NEFT to customers. But that doesn’t mean that money transfer brownie points in productivity
using the NEFT or RTGS systems would become free across the board.
Kerala jail ties up with Swiggy, to sell
biriyani made by inmates
Not fully free
Did anyone say ipgate? Early users of
Galaxy A80 complain about the stuck
rotating camera
RELATED NEWS There was a misconception among customers that, effective July 1, there will
Vivo Z1Pro goes on sale in India - here are
SBI waives off online RTGS, NEFT,
be no charges on RTGS and NEFT based money transfers online. In the last one the specs, price and offers
IMPS transfer charges week, several complaints have been raised by customers to banks on social
Mumbai rains: IMD mocked on Twitter over
Fund transfer via RTGS, NEFT set media and the banking ombudsman of the RBI for charging them while failed predictions
Effective July 1, the State Bank of India (SBI) has waived off charges on funds transfers made via RTGS and
NEFT for its YONO, internet and mobile banking customers. The bank will also give free access to IMPS for
the same set of customers from August 1. For customers transacting through branch banking, RTGS and
NEFT charges were reduced by 20 percent across all slabs of money transaction.
ICICI Bank has also waived off RTGS and NEFT charges effective July 1 for online transactions. There are
some of the banks that had waived off these charges quite a while ago. For instance, HDFC bank had waived
off these charges in November 2017. This was applicable across all retail savings, salary and non-resident
customers.
There are other banks that have waived off these charges to customers on certain category (type) of savings
account. For instance, IDBI bank has waived off RTGS, NEFT and IMPS charges on its Royale Plus account,
whereas in other categories of savings accounts, it continues to charge from customers.
However, it’s important to note as RBI has waived the charges on RTGS and NEFT transactions for banks,
they have to reduce the charges and cannot keep it at the same level. If charges don’t reduce, raise a
complaint to your bank or to banking ombudsman of RBI.
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why a top honcho at a domestic broking firm, who also happens to be an avid Buffett follower, has
chartered an aircraft and is planning to visit a few pilgrimage spots, accompanied by dozen-odd friends STAY UPDATED
from the market. The government does not seem particularly sympathetic to the cause of stock market Subscribe to our Daily Newsletter
investors, and that hurts all the more because this section of voters strongly believed that a stable Enter Email address Submit
government was the solution to every problem facing the markets and the economy. As for the value
investor and his buddies, who are setting out on a pilgrimage, they seem to believe in the saying that when Get Daily News on your Browser Enable
everything else fails, there is always God.
The stock price of a one-time darling of the markets from the banking index has slipped below the three-
Asus ROG Zephyrus
figure mark in the last month. Clearly, the zeal displayed by the new management to raise ‘confidence M GU502 review:
Powerful gaming
capital’ and shrug away governance concerns hasn’t impressed impatient investors so far. But the laptop that scores
brownie points in productivity
beleaguered lender is not giving up hope yet. A little birdie tells us that discussions with private equity
investors will be fast-tracked after the company’s quarterly results and the bank’s top brass will push for Kerala jail ties up with Swiggy, to sell
biriyani made by inmates
early closure of the deal. Four marque PE funds are believed to be in the fray. But their biggest concern is
Did anyone say ipgate? Early users of
the bank’s exposure to certain notorious stressed accounts. Will that hit deal valuations? Watch this space Galaxy A80 complain about the stuck
rotating camera
for more…
Vivo Z1Pro goes on sale in India - here are
the specs, price and offers
Caught monetising
An online portal of a leading media house which allows investments in direct mutual funds, and tax saving
schemes, and claims it as a ‘one-stop shop for all personal finance needs’ is on the SEBI’s radar.
The portal recently did a mailing campaign for investments via direct plans offered by mutual funds and
charged fund houses a commission on their inflows. SEBI has asked the portal to return the commission
since the regulatory norms do not allow online portals to charge a fund house on such MF campaigns.
Elder(ly) trouble
One can relate to the story of Elder Pharma whenever there’s mention of a failed company. The company
was built by a first generation entrepreneur that hit payday with calcium carbonate (chuna) plus vitamin D
combination called Shelcal. The drug was a big hit with doctors and patients alike. The company made a
fortune, but the sudden demise of its entrepreneur and wrong bets (including producing films) by the
second generation pushed the company into debt, forcing it to sell its top brand. Now, the company's title
Elder too has become a bone of contention, with another party claiming rights to it.
If you are an avid online shopper, you will have seen the name of Cloudtail, the largest seller on Amazon
India, pop up while buying goods.
But it's unlikely you would have heard of its parent, Prione Business, whose executives have recently been
seen doing the rounds of the corridors of power.
The CEO of the hitherto-unknown company recently attended a meeting with the government representing
the "interests of SMEs". He also kept his distance from executives from Amazon at the meeting.
What's with the sudden change? It's learnt that Commerce Minister Piyush Goyal recently made it clear that
companies violating clauses of Press Note 2 will be dealt with severely.
The Press Note 2 tightened norms that define the relationship between e-marketplaces and their vendors.
(Contributed by Santosh Nair, M Saraswathy, Ashwin Mohan, Viswanath Pilla, Himadri Buch and Priyanka
Sahay)
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