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GREATER CHINA DAYBOOK: U.S. Dialogue; Raising Electricity Price

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

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