MOFCOM: Prices of Edible Agricultural Products Decline Slightly

Source: Ministry of Commerce, ChinaScope Financial (Data)

+       According to the data released by the Ministry of Commerce (MOFCOM) on July 18, prices of the key edible agricultural products decreased slightly between July 9 and 15, compared to last week. The wholesale prices of eight aquatic products dropped 0.4% from the previous week, marking three weeks of consecutive decline with a cumulative drop of 1.6%.

+       Last week, the wholesale prices of eighteen vegetable products fell 1.4% week-on-week but rose 6.1% year-on-year. The prices of radish, cabbage and Chinese cabbage declined 8.2%, 7% and 6.6%, respectively, compared to the previous week.

Increase in supply during the summer season has led to decreases in the price of aquatic products and vegetables in July. Compared to last year, prices have, however, increased.

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M2 Increases 13.6% YoY in June, up 0.4 ppt on May

Source: People's Bank of China, ChinaScope Financial (Data)

+       Data released by the PBOC on July 12 shows that CNY deposits increased CNY 2.86 trillion in June, up CNY 954.2 billion on June 2011. In the first half of 2012, deposits from households increased by CNY 4.21 trillion, deposits from non-financial enterprises increased CNY 1.12 trillion, and fiscal deposits increased CNY 531.4 billion.

+       At the end of June, China's broadest measure of money supply, M2, was up 13.6% year-on-year to CNY 92.5 trillion, the growth rate up by 0.4 ppt from May’s 13.2% and equal to the growth rate in December 2011.

The growth of bank deposit is slow amidst lower deposit rates and increased competition from alternatives such as wealth management and trust products.

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Second Quarter GDP Growth at 7.6% YoY

Source: National Bureau of Statistics, ChinaScope Financial (Data)

+       Data released by the National Statistics Bureau today shows that China’s GDP grew at 7.6% in 2012 Q2 equivalent to a seasonally adjusted quarter-on-quarter growth of 1.8 %.

+       Industrial value added grew at 9.5% year-on-year in June, up 0.76 ppt. on May.

China’s economy expanded at only 7.6% YoY in Q2, the slowest pace in three years. The CSF leading economic indicator bottomed in May, indicating that some economic improvement can be expected in August-September.

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