China Trade Information

China Petroleum & Chemical Corp., Asia’s largest refiner, fell the most in more than a week after Goldman Sachs Group Inc. cut its recommendations on the stock because of weaker Chinese demand and a potential fuel-price cut.

The shares of Sinopec, as China Petroleum is known, declined by 2.5 percent in Hong Kong to close at HK$5.02, the biggest drop since Nov. 20. The stock has fallen 57 percent this year, compared with a 49 percent decline in the benchmark Hang Seng Index. Read the rest of this entry »

The cost of protecting Asia-Pacific bonds from default increased after “Black Friday” retail sales in the U.S. had their smallest gain for three years and China reported a record manufacturing contraction.

The Markit iTraxx Asia index of 50 investment-grade borrowers outside Japan, including Thailand and Hutchison Whampoa Ltd., added 2.5 basis points to 365 at 9:43 a.m. in Hong Kong. The region’s benchmark for high-risk, high-yield borrowers was unchanged at 1,150 basis points, ICAP Plc prices show. Read the rest of this entry »

China’s stocks rose, as a government plan to increase consumer spending overshadowed reports that manufacturing contracted by a record last month.

Sichuan Changhong Electric Co., a maker of television sets, surged 9.9 percent after the government said it will expand a plan to subsidize household appliance purchases by farmers. GD Midea Electrical Appliances Co. jumped 10 percent. China Merchants Property Development Co. gained 5.5 percent after the real-estate builder raised 5.94 billion yuan selling additional shares to finance 14 new projects. Read the rest of this entry »

China National Petroleum Corp. has made six major oil and gas discoveries this year as the country’s biggest oil explorer steps up efforts on fuel searches to meet rising domestic demand for energy.

The additional oil reserves found may hit a record for a third year, China National, parent of Hong Kong-listed PetroChina Co., said in a statement on its Web site. The incremental natural-gas deposits discovered may exceed 400 billion cubic meters for a fourth time. No further details were given. Read the rest of this entry »

China’s yuan fell by the most in seven weeks, three days before U.S. Treasury Secretary Henry Paulson visits Beijing for trade talks, on speculation the central bank wants to weaken the currency to spur the economy.

The People’s Bank of China set its daily reference rate at the weakest level since August, after resisting pressure for the currency to appreciate since the end of July. Two reports showed China’s manufacturing contracted by a record last month as recessions in the U.S., Europe and Japan curbed demand for Chinese products. Read the rest of this entry »

China’s manufacturing shrank by the most on record and export orders plunged, adding to evidence that recessions in the U.S., Europe and Japan are dragging down the world’s fastest-growing major economy.

The Purchasing Managers’ Index fell to a seasonally adjusted 38.8 in November from 44.6 in October, the China Federation of Logistics and Purchasing said today in an e- mailed statement. A second PMI, released by CLSA Asia-Pacific Markets, also showed a record contraction. Read the rest of this entry »