BEIJING, March 3 (Reuters) - China will cut import tariffs and red tape to boost imports this year and "maintain balanced trade," China's vice minister of commerce said in comments published on Thursday.
"We will launch a series of measures to stimulate imports this year, including adjusting tariffs on some categories of goods and further simplifying the administrative process," Zhong Shan told the official China Daily newspaper.
He did not give details on the measures to be introduced.
Sources told Reuters that the Commerce Ministry was consulting other ministries about cutting import taxes
Thursday, March 3, 2011
Trader's Highlight
DJI-NEW YORK, March 2 (Reuters) - Brent crude oil prices rose on Wednesday as news of an airstrike in Libya near an oil terminal spurred supply worries, while investors' flight to safety drove gold to a record high.
World stocks dipped, while Wall Street stocks advanced. U.S. economic data, including a Federal Reserve report saying the U.S. economy has slowly gained strength this year, helped to offset worries that higher oil prices will dampen growth.
Oil prices jumped to approach 2-1/2-year highs on news that airstrikes hit Brega about 1.2 miles (about 2 kilometers) from a Libyan oil terminal, after Libyan leader Muammar Gaddafi launched land and air offensives to retake territory in Libya's eastern region.
Investors are worried that political instability could spread to major oil producer Saudi Arabia, a central U.S. ally in the region, and other oil suppliers.
The Dow Jones industrial average <.DJI> rose 8.78 points, or 0.07 percent, to settle at 12,066.80. The Standard & Poor's 500 Index <.SPX> gained 2.11 points, or 0.16 percent, to end at 1,308.44. The Nasdaq Composite Index <.IXIC> advanced 10.66 points, or 0.39 percent, to settle at 2,748.07.
CBOT-CHICAGO, March 2 (Reuters) - Chicago Board of Trade grain and soy complex close on Wednesday.
CBOT-SOYBEANS - May up 19 cents at $13.94-1/4 per bushel. Boosted by wet weather in Brazil that was slowing soy harvest, firm crude oil, fund buying and talk China may be lifting price controls on vegoils. Also talk that China is seeking soybeans from South America or the United States.
CBOT-SOYOIL - May up 1.20 cents at 58.80 cents per lb. Support from gains in soybeans, higher crude oil and talk China may lift price controls on vegoils.
FCPO-JAKARTA, March 2 (Reuters) - Malaysian palm oil futures rose more than 2 percent before easing on Wednesday as traders eyed growing demand for biodiesel while tension in the Middle East boosted crude oil.
Palm oil is less likely to be channeled into biofuels due to a lack of government subsidies, but mandates in Brazil and the United States may see more soyoil taken up, which leaves palm oil to lead the food sector.
The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives added 1.2 percent to 3,590 Malaysian ringgit ($1,183) a tonne. Earlier, prices rose to a high at 3,629 ringgit -- a level not seen since Feb. 22.
Palm oil has been volatile, like most commodities, as traders are trying to decide whether rising crude oil prices, owing to the spreading Middle East unrest, will slow economic growth or fuel demand for feedstocks that can be converted into diesel.
REGIONAL EQUITIES-BANGKOK, March 2 (Reuters) - Southeast Asian stocks fell on Wednesday in broad-based selling as escalating geopolitical risks in the Middle East made emerging market investors wary of the impact of oil-driven inflation on the global economic recovery.
Oil rose towards a 2-1/2-year high and stocks around Asia fell as investors shunned risky assets on concern that the unrest in Libya would spread through the Middle East and disrupt fuel supplies.
The drop in stocks was led by a 1.3 percent loss in Singapore <.FTSTI>, with most other markets falling less than 1 percent. The Thai market <.SETI> ended down 0.7 percent, with even upstream oil firms giving up some of their recent gains.
Market volume was low. Turnover on the Thai market, for example, dropped to just 0.6 times its 30-day average, followed by Malaysia's 0.8 and Singapore's 0.9.
The region mostly saw foreign outflows, led by Malaysia's $54 million, its exchange said. Indonesia saw $11.2 million in outflows and the Philippines $6 million, according to Thomson Reuters data.
World stocks dipped, while Wall Street stocks advanced. U.S. economic data, including a Federal Reserve report saying the U.S. economy has slowly gained strength this year, helped to offset worries that higher oil prices will dampen growth.
Oil prices jumped to approach 2-1/2-year highs on news that airstrikes hit Brega about 1.2 miles (about 2 kilometers) from a Libyan oil terminal, after Libyan leader Muammar Gaddafi launched land and air offensives to retake territory in Libya's eastern region.
Investors are worried that political instability could spread to major oil producer Saudi Arabia, a central U.S. ally in the region, and other oil suppliers.
The Dow Jones industrial average <.DJI> rose 8.78 points, or 0.07 percent, to settle at 12,066.80. The Standard & Poor's 500 Index <.SPX> gained 2.11 points, or 0.16 percent, to end at 1,308.44. The Nasdaq Composite Index <.IXIC> advanced 10.66 points, or 0.39 percent, to settle at 2,748.07.
CBOT-CHICAGO, March 2 (Reuters) - Chicago Board of Trade grain and soy complex close on Wednesday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-JAKARTA, March 2 (Reuters) - Malaysian palm oil futures rose more than 2 percent before easing on Wednesday as traders eyed growing demand for biodiesel while tension in the Middle East boosted crude oil.
Palm oil is less likely to be channeled into biofuels due to a lack of government subsidies, but mandates in Brazil and the United States may see more soyoil taken up, which leaves palm oil to lead the food sector.
The benchmark May 2011 crude palm oil contract
Palm oil has been volatile, like most commodities, as traders are trying to decide whether rising crude oil prices, owing to the spreading Middle East unrest, will slow economic growth or fuel demand for feedstocks that can be converted into diesel.
REGIONAL EQUITIES-BANGKOK, March 2 (Reuters) - Southeast Asian stocks fell on Wednesday in broad-based selling as escalating geopolitical risks in the Middle East made emerging market investors wary of the impact of oil-driven inflation on the global economic recovery.
Oil rose towards a 2-1/2-year high and stocks around Asia fell as investors shunned risky assets on concern that the unrest in Libya would spread through the Middle East and disrupt fuel supplies.
The drop in stocks was led by a 1.3 percent loss in Singapore <.FTSTI>, with most other markets falling less than 1 percent. The Thai market <.SETI> ended down 0.7 percent, with even upstream oil firms giving up some of their recent gains.
Market volume was low. Turnover on the Thai market, for example, dropped to just 0.6 times its 30-day average, followed by Malaysia's 0.8 and Singapore's 0.9.
The region mostly saw foreign outflows, led by Malaysia's $54 million, its exchange said. Indonesia saw $11.2 million in outflows and the Philippines $6 million, according to Thomson Reuters data.
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