HOME>NEWS CENTER>The 4th Board of Directors of IFF (2018-2023)
IFF Newsletter Issue 102
TIME：2023-12-14
From the Editor
China’s exports grew for the first time in November, the latest customs data showed. The country’s consumer prices fell further in November as factory gate deflation deepened, official data showed on Saturday. China’s banks issued 1.09 trillion yuan new loans in November and loans grew by 21.58 trillion yuan in the first 11 months of the year according to central bank data.
The COP28 climate summit released a draft deal on Wednesday that calls for a transition away from fossil fuels. Wholesale prices in the US remain unchanged in November on a monthly basis, data from the Labor Department showed on Wednesday. The Fed left interest rates unchanged in its final policy decision of the year. Argentine government allowed its currency the peso to devalue by more than 50% to 801 per dollar on Wednesday as part of President Milei’s “shock therapy” for the country’s deeply troubled economy.
China’s Nov consumer prices fall, factory gate deflation deepens
China’s consumer prices fell further in November as factory gate deflation deepened, official data showed on Saturday.
The consumer price index fell 0.5% in November from a year earlier, down from a 0.2% fall in October, data from the National Bureau of Statistics (NBS)showed.
The producer price index, which gauges costs at factory gate, dropped 3% from a year earlier, NBS data showed. It was a further fall from the 2.6% decline in October.
Core inflation which excludes volatile food and energy prices dipped 0.3% from the same time last year.
Inflation fell 0.5% in November from the previous month.
China’s Nov new bank loans rise
China’s banks issued 1.09 trillion yuan new loans in November, central bank data showed on Wednesday.
Loans grew by 21.58 trillion yuan in the first 11 months of the year, data from the People’s Bank of China (PBOC) showed.
Household loans including mortgages rose by 292.5 billion yuan in November while corporate loans rose by 822.1 billion yuan.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 10% in November from a year earlier.
Social financing, a gauge of funds that individuals and non-financial firms receive from the financial system, reached 33.65 trillion yuan in Jan-Nov, according the the PBOC.
China’s exports grow for the first time in 6 months in November
China’s exports grew for the first time in November, the latest customs data showed.
Exports in US dollar terms rose 0.5% from a year earlier in November, up from a 6.4% fall in October.
Imports in US dollar terms meanwhile fell 0.6% in November from a year ago.
China’s exports to the US expanded 7% in November from a year ago while exports to the European Union fell 14.5%.
China's lottery ticket sales rose 59.3% year on year to 47.34 billion yuan in October, data from the Ministry of Finance showed.
Lottery ticket sales to support the sports industry surged 70.1% from the previous year.
Sales of lottery tickets to support the country's welfare system reached 15.49 billion yuan last month, an increase of 40.9%.
Sales of lottery tickets rose 53% in the first ten months of the year.
The Asian Development Bank (ADB) revised up China’s growth outlook for 2023 on Wednesday.
The ADB raised China’s growth outlook to 5.2% from the previous 4.9% while raising its 2023 growth forecast for developing Asia to 4.9% from 4.7%.
Robust domestic demand, stronger remittances, recovering tourism were driving economic activity in the region, according to the ADB.
The COP28 climate summit released a draft deal on Wednesday that calls for a transition away from fossil fuels.
The deal was reached after a previous draft deal was rejected and criticized as grossly insufficient and incoherent by member countries.
The latest deal however fail to include an absolute phase-out of fossil fuels.
The draft deal urged for accelerated efforts to phase down unabated coal power and “tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030”.
Wholesale prices in the US remain unchanged in November on a monthly basis, data from the Labor Department showed on Wednesday.
The producer price index was unchanged in November from that in October.
The index rose 0.9% in the twelve months to November, down from a 1.2% increase in October.
The US Federal Reserve left interest rates unchanged in its final policy decision of the year.
Interest rates have been kept at a range of 5.25 to 5.5% since July.
The Fed indicates that it will cut interest rates three times next year as inflation continues to drop.
“Inflation has eased from its highs, and this has come without a significant increase in unemployment. That’s very good news,” Fed Chair Jerome Powell said during a news conference.
New Zealand’s economy contracts in the third quarter.
Gross domestic product fell 0.3% in the third quarter, data from Statistics New Zealand showed on Thursday.
New Zealand’s central bank, the Reserve Bank has held key interest rate at 5.5% since May to rein in runaway inflation.
Argentine government allowed its currency the peso to devalue by more than 50% to 801 per dollar on Wednesday according to media reports.
It comes as part of President Javier Milei ‘s “shock therapy” for the country’s troubled economy.
Economy Minister Luis Caputo also announced cuts for public spending which include a reduction in fuel and transport subsidies.
Argentina’s inflation soared to 160.9% in November, a new record.
