Gross domestic product will rise eight percent in 2013, the Securities Times reported today, citing researchers from the State Information Center, the Ministry of Finance, the State Council and the National Development and Reform Commission. That compares with the median forecast of economists surveyed by Bloomberg for 7.7 percent growth last year.
“Recent data from China confirmed the economy continued to expand,” sending swaps higher, said Frances Cheung, a strategist at Credit Agricole CIB in Hong Kong.
The one-year swap, the fixed cost to receive the seven-day repurchase rate, increased 10 basis points, 0.10 percentage point, to 3.44 percent from Dec. 31 as of 10:10 a.m. in Shanghai, according to data compiled by Bloomberg. It was the biggest advance since Sept. 14. Markets in China were closed for the past three days for public holidays.
The nation’s Purchasing Managers’ Index of manufacturing was at 50.6 in December, a third month of expansion, according to a report from the National Bureau of Statistics and Federation of Logistics and Purchasing on Jan. 1. A gauge for services industries was 56.1 last month versus 55.6 in November, data showed yesterday. A reading above 50 indicates expansion.
The seven-day repo rate, a measure of interbank funding availability, declined 51 basis points to 4.07 percent in Shanghai, according to a weighted average compiled by the National Interbank Funding Center.
To contact the reporter on this story: Kyoungwha Kim in Singapore at email@example.com
To contact the editor responsible for this story: James Regan at firstname.lastname@example.org