Chinese PMI rises, industrial profits jump 51%

JAKARTA: Chinese Purchasing Managers Index (PMI) rose in November amid concern on Chinese further monetary tightening.The Chinese manufacturing performance reached 55.2, better than forecast at 54.7. "The focus today will be on Chinese stocks. Chinese
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News Editor - Bisnis.com 01 Desember 2010  |  02:19 WIB

JAKARTA: Chinese Purchasing Managers Index (PMI) rose in November amid concern on Chinese further monetary tightening.The Chinese manufacturing performance reached 55.2, better than forecast at 54.7. "The focus today will be on Chinese stocks. Chinese PMI was a good news, but if that means another rate hike, AUD/USD can be hit," Wahyu Tribowo Laksono, an analyst of PT Askap Futures, commented.Besides eurozone debt crisis and Korea tension, he sees China's tightening policy still another threat for market. China's National Bureau of Statistics yesterday announced industrial profits in 24 regions realized 2,838 billion yuan from January to October, an increase of 51.6% (year-on-year) but narrowed 1.9 percentage points over the past nine months.Among the 39 industrial divisions, 37 divisions registered year-on-year increase in profits, 1 division reversed from loss-making to profits, and 1 division witnessed reduction of profits.Comparing with the past nine months, the growth rate of profits in 24 industrial divisions declined while that of 13 divisions climbed. Of the total, the profits of oil and natural gas extraction industry, raw chemical materials and chemical products, ferrous metal smelting and rolling processing industry, non-ferrous metal smelting and rolling processing industry, manufacture of transportation equipment, manufacture of communication equipment, computers and other electric equipment increased 69.7%, 56.9%, 60.1%, 95.5%, 67.4% and 74.7%, respectively. The profits of ferrous metals mining and dressing, chemical fiber industry, electric power and heat power production and supply up by 1.23, 1.28 and 1.37 times; while the profits of oil processing, coking and nuclear fuel processing declined 8.2% year-on-year.The main business revenue for industry in 24 regions reached 45,303.9 billion yuan, an increase by 32.1% year-on-year.By the end of October, the total volume of net accounts receivable for industry in 24 regions hit 4,835.6 billion yuan, climbing by 22% year-on-year but down by 0.6 percentage point over the end of September. The finished goods funds accounted for 1,898.5 billion yuan, which went up 9.3% year-on-year, and 1.5 percentage points higher over the end of September. (NOM)

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