Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Currencies  >  United States Dollar (B) / Chinese Yuan in Hong Kong (USD/CNH)       

UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH)

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

China's industrial profits grow at quickest monthly pace since early 2017

11/26/2020 | 09:44pm EST
Employee works on a production line manufacturing steel structures at a factory in Huzhou

BEIJING (Reuters) - Profits at China's industrial firms grew in October for a sixth consecutive month and at their quickest pace since early 2017, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic.

Profits at Chinese industrial firms surged 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), National Bureau of Statistics (NBS) data showed on Friday, after rising 10.1% in September versus the previous year.

That was the biggest monthly profit growth since Jan-Feb 2017. The NBS combines the results for January and February to exclude distortions caused by the week-long Lunar New Year.

Zhu Hong, a senior statistician at the NBS, said the sharp jump was helped by rising investment income. It also came from a low base in October 2019, Zhu said.

China's industrial sector has seen an impressive recovery from the coronavirus fallout, helped by resilient demand for the country's exports. Premier Li Keqiang said on Tuesday he expects Chinese economic activity to return to a reasonable range next year.

For the January-October period, industrial firms' profits rose 0.7% on an annual basis, after falling 2.4% in the first nine months of 2020 compared with the same period last year.

That growth was driven by the equipment manufacturing and the electronic sectors, while the auto manufacturing sector also saw a steady recovery in profits, Zhu said in a statement.

Liabilities at industrial firms rose 6.8% on-year at end-October, versus a 6.6% growth as of end-September.

Earnings at China's state-owned industrial firms were down 7.5% on an annual basis for the first ten months, compared with a 14.3% on-year decline in the January-September period, the statistics bureau data showed.

Private sector profits grew 1.1% on-year in the January-October period, compared with a 0.5% decline in the first nine months.

The industrial profit data covers large firms with annual revenue of over 20 million yuan from their main operations.

($1 = 6.5741 Chinese yuan)

(Reporting by Roxanne Liu, Lusha Zhang and Tony Monroe; Editing by Ana Nicolaci da Costa)


© Reuters 2020
All news about UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH)
01/22China copper producer Zhongtiaoshan closes in on backdoor listing
RE
01/22Chinese vaping firm RLX valued at nearly $35 billion in U.S. market debut
RE
01/22Chinese vaping firm RLX raises $1.4 billion in U.S. IPO - sources
RE
01/22Global chip shortage hits China's bitcoin mining sector
RE
01/22Shenzhen Investment Expects 2020 Profit to Rally 13%; Shares Soar 4%
MT
01/22CSC FINANCIAL : 2020 Net Profit Soared on Higher Income From Main Businesses
DJ
01/22BII Railway Invests $22 Million in Wealth Management Products
MT
01/22Shanghai Stock Exchange moves to cool down trading of listed funds
RE
01/22LONKING : ' Units Sell Entire Equity Interests in Henan Longgong Machinery for $..
MT
01/22Singapore Index Tumbles on Friday; Soilbuild Business Hits 52-Week High over ..
MT
More news
Chart UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH)
Duration : Period :
United States Dollar (B) / Chinese Yuan in Hong Kong (USD/CNH) Technical Analysis Chart | MarketScreener
Technical analysis trends UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH)
Short TermMid-TermLong Term
TrendsNeutralBearishBearish