Last Week in Brief: China's Top Financial News for the Week Ending Nov. 17
Yicai Global
DATE:  Nov 18 2019
/ SOURCE:  yicai
Last Week in Brief: China's Top Financial News for the Week Ending Nov. 17 Last Week in Brief: China's Top Financial News for the Week Ending Nov. 17

(Yicai Global) Nov. 18 --The People's Bank of China will guide expectations, control inflation, and maintain stable pricing to tackle some short-term downward pressures on the economy, the central bank said in a report on Nov. 15. 

Over the first three quarters of this year, China's wealthiest province was southern Guangdong with its gross domestic product tally of CNY7.72 trillion (USD1.1 trillion), followed by eastern Jiangsu, and Shandong that broke through CNY6 trillion for the first time, according to the National Bureau of Statistics. The trillion club expanded to 25 members. The nation's total was CNY69.8 trillion (USD9.96 trillion). 

Alibaba Group Holding will issue 500 million shares of common stock, and 98 percent of that will be American Depositary Receipts while the rest will be floated in Hong Kong, the Hangzhou-based e-commerce giant said in a statement on Nov. 15. The price will be not more than HKD188 (USD24) in Hong Kong and the international pricing will be settled on Nov. 20, it added. 

Some 45 percent of Chinese actively managed equity funds have returned more than 30 percent this year, far outperforming Shanghai's main stock benchmark, according to statistics. Some 350 of the more than 2,600 funds have even returned more than 50 percent.

In October, China's total social financing, the widest measure of credit and liquidity to the real economy, was less than a third of what it was in September, dropping to CNY618.9 billion (USD88.3 billion) from CNY2.27 trillion (USD323.9 billion), the People's Bank of China said in a statement on Nov. 11. M2 money supply maintained the same growth rate as in September at 8.4 percent year on year, amounting to CNY194.56 trillion by the end of the month. 

Editor: Emmi Laine 

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Keywords:   Monetary Policy,GDP,Alibaba