China’s economic growth should exceed 7.5% this year, deputy central bank governor Yi Gang was quoted by Xinhua as saying, the latest expression of confidence from Beijing that the world's No. 2 economy is steadying. Yi was quoted as saying on the sidelines of the IMF meeting that growth could hit 7.6%, and that the government had the nation’s shadow banking system and its debt problems under control. “I think for this year we’re going to have certainly above 7.5% growth rate,” Yi was reported to have said in Washington. “Maybe 7.6% (or) something like that.” After cooling in 12 of the past 14 quarters, China’s economy is finally showing signs of stabilisation, helped in part by government measures to shore up growth, including lowering taxes for small firms and quickening infrastructure spending.
US may modify release of sensitive economic data
US officials are exploring ways to modify how the government releases sensitive economic data, in an effort to bring the system in line with fast-moving financial markets, the Wall Street Journal reported, citing sources. Officials were driven by concerns that high-speed trading firms can trade on leaked market-moving numbers before other investors. The discussions explored various options, including eliminating the current system, which releases data such as unemployment rate and productivity numbers via embargoed news releases to the media. Officials are also exploring publishing economic data directly on the Web, and building a single technologically secure facility for all government agencies to distribute data.
Royal Mail jumps 38% on first trading day after IPO
Royal Mail Group, Britain’s 360-year-old postal service, jumped as much as 38% on its trading debut, heightening criticism of an initial public offering that opposition politicians say was underpriced. Royal Mail shares, sold to investors for 330 pence in the UK’s biggest state asset sale since British Rail was broken up in the 1990s, rose as much as 126 pence to 456 pence and traded 31% higher at 433.25 pence as of 12:28 pm in London, valuing the company at Ł4.34 billion.