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Financial & Business News
BusinessReutersChina's new construction starts plunge as chill spreads across sector
China's September new construction starts slumped for a sixth straight month, the longest spate of monthly declines since 2015, as cash-strapped developers reined in investment and put a pause on projects following tighter regulations on borrowing. New construction starts in September fell 13.54% from a year earlier, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday.
BusinessReutersHong Kong Exchange Fund posts Q3 investment loss of $1.70 billion -HKMA
Hong Kong's Exchange Fund, which is used to back the Hong Kong dollar, posted an investment loss of HK$13.2 billion ($1.70 billion) in the third quarter, the first loss after five consecutive quarters of gains, the Hong Kong Monetary Authority (HKMA) said on Monday. The Exchange Fund recorded an investment income of HK$126.5 billion in January-September period this year. The HKMA is the key manager of the Exchange Fund, which is under the control of the financial secretary and invests in equities, bonds, foreign exchange and other securities and assets.
- BusinessReuters
WRAPUP 1-China's GDP growth hits 1-year low as power crunch, bottlenecks choke output
China's economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks and raising heat on policymakers amid rising jitters over the property sector. Analysts polled by Reuters expected the PBOC to keep banks' reserve requirement ratio (RRR) unchanged in the fourth quarter, before delivering another 50-basis points cut in the first quarter of 2022.
