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China to lower RRR for first time in three years; markets reaction
China's central bank is moving to lower banks' reserve required ratio by 50 basis points, the first such reduction in three years.
The People's Bank of China says large commercial banks' reserve requirements are going to be reduced to 21 percent this coming Monday.
The decision is being viewed as a signal that the central government is now set to stabilize economic growth, rather than trying to fight inflation.
The central bank's move to replenish liquidity sent Chinese stocks higher on the first trading day of December.
The benchmark Shanghai Composite Index shot up by 2.5 percent at opening.
China Nov Manufacturing PMI 49
New data now indicate that China's manufacturing has contracted for the first time since February 2009.
According to China Federation of Logistics and Purchasing, the Purchasing Managers Index for the manufacturing sector has fallen to 49 in November from 50.4 in October.
Any PMI data below 50 indicates contraction.
Asian markets rally on central banks' move
Asian stocks rallied today after major central banks around the world unveiled plans to support the global financial system by cutting their short-term borrowing rates.
The joint move involves the US Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada, Japan and Switzerland.
The central banks have agreed to lower the cost of their existing dollar swap lines by 50 basis points starting on Monday.
The move should make it cheaper for banks to buy US dollars.
Japan's Nikkei index rose 2.2%, South Korea's Kospi gained 3.8% and Australia's ASX 200 added 2.5%.
Earlier on Wednesday, US and European markets had jumped on the news.
As well as cheaper US dollars, the central banks will also provide easier access for lenders to other major currencies as and when they need it.
Britain demanding immediate closure of Iran's embassy in London
Britain is now expelling Iran's diplomatic mission from the country, following the attack by student mobs on the British Embassy in Tehran on Tuesday.
Britain has already evacuated all its diplomatic staff from Tehran and has shut down its embassy.
However, Foreign Secretary William Hague says London is not severing all its ties with Iran.
"This does not amount to the severing of diplomatic relations in their entirety -- it is action that reduces our relations with Iran to the lowest level consistent with the maintenance of diplomatic relations."
For its part, Iran's foreign ministry is calling the British move "hasty," and is now warning of retaliatory moves.
Pakistani PM says U.S. to vacate airbase by Dec. 11
Pakistan has formalized its demand that the United States leave one of the airbases that it's been using in southwestern Pakistan.
Prime Minister Yusuf Gilani has fired off a letter to the US government, demanding that its forces leave the strategic airbase by December 11th.
The letter now formalizes the original demand, which came just hours after NATO air forces bombed two Pakistani border posts last weekend, killing 24 Pakistani soldiers.
The Pakistani government has also cut off NATO's supply lines through its country and is boycotting next week's meeting in Germany about the future of Afghanistan.
HK gov't considers tough action against rogue hawkers after fatal fire
The Hong Kong government is considering bringing in tougher penalties to try to improve fire safety on Fa Yuen Street in the city's downtown core.
It comes after a fatal fire on the famous Mong Kok shopping street left 9 people dead and over 30 others injured.
It took firefighters nearly 8 hours to get the blaze under control.
Arson is suspected.
Around a year ago, a similar fire broke out in the same area, causing several injuries and significant damage as well.
China's fiscal revenues to surpass budget this year: vice minister
China's total fiscal revenues this year will exceed the annual budget of 9.1 trillion yuan or 1.4 trillion U.S. dollars due to an increased tax intake.
The Ministry of Finance says both the central and local governments will see their fiscal revenues exceed the budgets as a result of increasing intake from import taxes, corporate income taxes, value-added taxes and consumption taxes.
Imports, industrial profits, industrial added value and consumer prices have reported faster-than-expected growth this year.
China to resume operation of all recalled bullet trains on Beijing-Shanghai line
China's Ministry of Railways will resume the operation of all 54 bullet trains previously recalled over safety concerns in mid December.
A new operation schedule for the Beijing-Shanghai high-speed railway will take effect at midnight on Dec. 11.
The ministry says the bullet trains are now fixed after three months of modifications and repeated tests.
State-owned train maker China CNR Corp. announced the recall in August.
铁道部将恢复京沪线召回的高速列车
铁道部将在12月中旬恢复以前因安全问题召回的所有54列高速列车。
一个新的京沪高速铁路实施方案将于12月11日午夜生效。
该部门表示高速列车现经过三个月的修正和重复测试，已经非常坚固。
国有列车制造公司CNR宣布在8月召回。
词语解释：
- Ministry n. 部门
- recall v. 召回
- railway n. 铁路
