GREATER CHINA DAYBOOK: U.S. Dialogue Briefing; Raising Electricity Prices

China’s Vice Finance Minister Zhu Guangyao and Vice Foreign Minister Cui Tiankai brief media at 10 a.m. in Beijing about the U.S.-China Strategic and Economic Dialogue to be held in Washington next week.

Top U.S. officials will press their Chinese counterparts at the May 9-May 10 meetings to let the yuan adjust at a “faster rate,” David Loevinger, the U.S. Treasury’s senior coordinator for China affairs, told reporters in Washington on May 5.

* The director of China’s electricity regulator said the nation
is able to make short term increases in on-grid power prices,
Xinhua reported, citing Tan Rongyao, director of the State
Electricity Regulatory Commission
* The northern Chinese province of Inner Mongolia plans to
consolidate the region’s rare earth industry, the National
Business Daily reported, citing local government plans
* The Chinese Academy of Social Sciences expects more real-
estate market curbs this year, Shanghai Securities News reports
* Textile and garment export growth may slow to about 15 percent
this year from 24 percent in 2010, China Securities Journal says
* The value of deals agreed at the Canton Fair increased 5.8
percent from a year earlier to $36.9 billion, Xinhua says
* China’s outbound direct investment will exceed foreign direct
investment in three years, the China Daily reported, citing
Zheng Chao, a commercial counselor at the Ministry of Commerce

* China Banking Regulatory Commission says there’s no change to
its rules on mortgage down payments
* Lenovo media briefing in Beijing on gaming console, 3 p.m.
* Ford Motor may release April sales figures as early as today
* General Motors’ April sales drop 4.6 percent to 203,367
vehicles, the first decline since December, as incentives end
* Glencore may seek to merge with Xstrata Plc within 11 months
of the IPO, Sanford C. Bernstein Ltd. says in a report
* The creation of U.S. government stockpiles of rare-earth
minerals would worsen a tight supply situation, Molycorp says
* Valuations of China e-commerce, social-network and video sites
are “frothy,” says Dixon Doll, co-founder of venture firm DCM

* S&P 500 retreats 0.9 percent to 1,335.10
* Dow Jones Industrial drops 1.1 percent to 12,584.17
* Crude oil for June delivery falls $9.44 to $99.80 a barrel

* publishes once-every-two-weeks survey of Chinese
oil-refinery run rates, 2 p.m.

EQUITY MOVERS: Selected stocks that may rise or fall:
* Drugmakers may be active after China says it aims to have one
to three nationwide drug distributors with 100 billion yuan
($15.4 billion) of annual sales each by 2015
* Automakers may be active after China finds some U.S.-imported
vehicles have hurt the domestic auto industry
* Beijing Enterprises (392 HK) prices $600 million of 10-year
bonds at 195 basis points more than similar-maturity treasuries,
and $400 million of 30-year bonds at 210 basis points
* BYD (1211 HK) will use proceeds from its planned Shenzhen IPO
to expand car, battery and auto accessory production; China’s
market regulator will review the listing application on May 9
* China Merchants China Direct (133 HK) invests $11 million in
social networking company Renren through a joint venture
* China Resources Power (836 HK) will receive 150 two-megawatt
wind turbines from Gamesa in the second half
* Far East Global (830 HK) will pay $28 million for 55 percent
in building-façade engineering company Red Holdings Group
* Kerry Properties (683 HK) puts 400 Lions Rise apartments on
sale tomorrow, seeking to raise HK$5 billion ($643 million)
* Lincang Xinyuan Germanium (002428 CH) receives exploration
permits from the Yunnan government
* Longyuan Power (916 HK) April power production gains 17
percent on year, driving by wind-power output
* Midland (1200 HK) will close all branches in Shanghai that
handle second-hand property sales, China Business News says
* Pudong Road & Bridge (600284 CH) plans to issue up to 2
billion yuan of bonds
* Real Gold (246 HK) CEO Qiu Haicheng resigns and leaves board
and is replaced by Executive Director Ma Wenxue
* Shanghai Electric (601727 CH) and Alstom may form a boiler JV
next April, with annual sales of 3 billion euros ($4.4 billion)
* Shenzhen Agricultural (000061 CH) plans to raise up to 2.5
billion yuan in a private placement of up to 151 million shares
* Sing Tao (1105 HK) profitability isn’t affected by Hong Kong’s
inflation, the company’s Standard newspaper says
* Semiconductor Manufacturing International Corp. (981 HK) said
it will issue 85 million convertible preferred shares to Datang
Telecom Technology & Industry Holdings Co. at HK$5.39 each
* Standard Chartered (2888 HK) hasn’t held talks with South
Africa’s Nedbank, regional CEO Viswanathan Shankar says
* Taiwan Semiconductor Manufacturing Co. (2330 TT) will double
capacity in the next five years, the Economic Daily News reports
* Wumart (8277 HK) proposes issuing bills with maturities of as
long as one year to pay bank loans
* Zijin Mining (601899 CH) buys $100 million of shares in
Glencore International’s initial public offering

* Huadian Power (600027 CH) raised to “hold” at Bank of China

* China Banking Regulatory Commission says there’s no change to
its rules on mortgage down payments

* Taiwan to auction NT$100 Billion 364-day certificates of
deposit, 12:30 p.m.

* Lenovo media briefing in Beijing on gaming console, 3 p.m.
* China Banking Regulatory Commission says there’s no change to
its rules on mortgage down payments

BTV HIGHLIGHTS (Hong Kong time):
* 8:10 Dariusz Kowalczyk, Credit Agricole, senior
* 8:40 Kirk Yang, Barclays Capital Asia, managing director

To contact the editor responsible for this story: Joshua Fellman at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.