Others News
- Yuan hits post-revaluation high
Date: 3-Sep-2007 Sources: (Shenzhen Daily)
THE yuan hit a post-revaluation high against the U.S. dollar for the fourth straight day Friday before closing slightly lower as the market, unusually, resisted guidance from the central bank.
The yuan traded as high as 7.5395 to the dollar late in the session, the highest level since it was revalued in July 2005, before closing at 7.5450, down from Thursday's close of 7.5410. The yuan ended 0.21 percent above its daily mid-point, set by the central bank, of 7.5607. That was its biggest rise above the mid-point since the revaluation, although the yuan still did not come close to testing the edge of its daily trading band, which is 0.50 percent from the mid-point.
Shares rises to new record as airlines soar
THE mainland's main stock index rose 0.99 percent to a record high close Friday as airlines soared on the back of strong earnings and expansion plans, while steel and coal shares were also strong.
The Shanghai Composite Index closed at 5,218.825 points, after hitting an all-time, intraday high of 5,235.157. The period for companies to report earnings for the first half of this year ended Friday, with combined net profits up 70 percent from a year earlier, well above analysts' forecasts just a month or two ago. Shanghai Airlines soared its 10 percent daily limit to 13.93 yuan (US$1.84) and Hainan Airlines jumped 7.68 percent to 10.52 yuan.
Baosteel to produce more low-nickel steel
BAOSHAN Iron and Steel Co., China's second-largest stainless steel producer, will produce more low-nickel stainless steel to meet rising demand in the second half of 2007.
'We will try to maintain the portion of ferritic stainless steel above 50 percent in the second half,'the company's board secretary, Chen Ying, said yesterday.
BOE Technology hopes to turn profit
BOE Technology Group Co. said Friday that it may turn a profit in 2007, after it disposed of a stake in Hong Kong-listed TPV Technology and its fifth-generation production line turned a profit.
Shenzhen-listed BOE Technology, which makes liquid crystal displays (LCDs) used in flat-screen PC monitors, has decided against selling a fifth-generation production line, which turned a profit in May amid a general industry pickup, said board secretary Feng Liqiong.
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