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Business and Market Discussion

2022-09-28

Business and Market Discussion

2022-09-28
 Profits at industrial firms in China shrank at a faster pace in the first eight months of the year. Chinese industrial companies’ profits fell 2.1% year-on-year in the January to August period to 5.5 trillion yuan, compared with a decline of 1.1% in the first seven months of the year.  Covid restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity. 


The IMF has criticised the UK’s plan to implement £45bn (US$48bn) of debt-funded tax cuts saying, “given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture.” It urged the government to “re-evaluate” the plan and warned the “untargeted” packaged threatens to stoke soaring inflation. 



There has been huge volatility in the FX markets in the past 48 hours as central banks including the People’s Bank of China, the Bank of Japan, the Bank of Korea, and the Bank of England take steps to try and stem the slide in their currencies to multi-year lows. The US dollar was higher across the board, with the US Dollar Index, which measures the greenback’s value against a basket of six major currencies surging to a new 20-year high before stabilising yesterday. The US Dollar Index has risen 19% this year. Over the same period, sterling has depreciated by 21%, the yen by 26% and the euro by 16%. The Chinese yuan has lost 13% on its way down to the weakest in 14 years.


On today’s Money Talk we’re joined by Mark Michelson at IMA Asia, Jack Siu, from Credit Suisse and RTHK’s International Economics Correspondent, Barry Wood.

Money Talk

A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live every weekday morning 8 to 8:30 a.m. on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at moneytalk@rthk.hk, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
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