Monday, 22 July 2013

CIMB Global Economic News - 22 July 2013

Japan’s all-industry activity index rose 1.1% mom, after climbing 0.1% in Apr. But it remained marginally below the 1.2% expected increase. (RTT News) 

Japan’s leading economic index moved up to 110.7 in May from 107.7 in Apr. The May score has been revised up from the initially estimated score of 110.5. (RTT News) 

The People’s Bank of China ended a floor on borrowing costs previously set at 30% below the benchmark on 19 Jul. The limit on mortgage rates will stay to curb property speculation. Also unchanged was a 10% limit on what banks can offer over PBOC-set deposit rates. The central bank currently sets the one-year lending rate at 6%, with a one-year deposit rate of 3%. (Bloomberg) 

Starting 20 Jul, retail prices of gasoline and diesel in China will be raised Rmb325 (US$52.42) and Rmb310 yuan, respectively. It will be the biggest increase since the National Development and Reform Commission (NDRC) further liberalized the pricing mechanism of oil products in Mar. (Xinhua) 

The Thai Social Enterprise Office (TSEO) plans to create a THB1 bn fund to mobilise money from the public to finance operations of social entrepreneurs. (Bangkok Post)

The Bank of Thailand heavily slashed the 2013 economic growth forecast from 5.1% to 4.2%, with risks tilted to the downside mainly from the fragile global economy and the possibility of further delay in the THB350bn water-management plan. (The Nation)

Source: CIMB Daybreak - 22 July 2013

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