The recent rapid increase in the coal price in China is partly due to some speculation in the market, said the National Development and Reform Commission (NDRC) in a Sina Finance report on Thursday. Xu Kunlin, the deputy secretary-general of the commission said the issue of overcapacity still needs to be addressed.
People must avoid WeChat stock tips: regulator
The China Securities Regulatory Commission warned investors on Wednesday that the trend of stock recommendations via WeChat provided by “unscrupulous parties” is growing and urged investors not to fall into such traps, according to the Securities Daily on the same day. The commission said preliminary investigation has found that the impact of these tips is growing. Parties usually message investors before the market opens and during the noon break, urging investors to pay US$2,400 to US$8,700 to get the stock tip.
Futures traders barred from financing: CSRC
The China Securities Regulatory Commission (CSRC) has tightened risk surveillance over the domestic futures market, Xinhua News Agency reported on Wednesday. The CSRC is asking brokers to closely monitor the exposure of clients and remind them not to engage in any illegal margin financing activities. The commission said the move is aimed at stabilizing the market because of big fluctuations in commodity prices.
Coal, power firms sign deals to stabilize prices
Four state-owned enterprises signed medium and long-term contracts to set coal prices, the People’s Daily reported on Thursday. The National Development and Reform Commission arranged the deals between coal producers Shenhua Group and China Coal Energy, and energy firms China Huadian Corporation and State Power Investment Corporation. The contracts set a price of US$79 per metric ton on 5,500 KCAL/kg NAR thermal coal. NAR refers to the net heating value of the coal in kilocalories per kilogram. The price can be adjusted in response to changing market conditions, the report said.
Social insurance fund hits 4 trillion yuan in 2015
The total income of the social insurance fund in 2015 reached 4.64 trillion yuan (US$589.7 billion), increasing by 14.6% from a year earlier, according to the Finance Ministry in a Sina Finance report on Thursday. The fund covers pensions for company employees, and urban and rural residents as well as insurance for medical care, workplace injuries and maternity leave.
Haulage up by 10% over lack of coal train cars
The shortage of train cars has seen an increase in rail throughput of coal as provinces prepare for the onset of winter, according to an unnamed China Railway source in a Caixin report on Thursday. In the first week of November, nearly 400 million metric tons of coal had been hauled, increasing 10.2% from a year earlier.
Net outflow of foreign direct investment by domestic institutions at US$1.65 billion
The State Administration of Foreign Exchange said on Wednesday that the net outflow of foreign direct investment (FDI) by China’s domestic financial institutions is 11.191 billion yuan (US$1.65 billion), according to a Shanghai Securities Journal report on the same day. The outflow of FDI by financial institutions in China amounted to 21.636 billion yuan, while the inflow was around half at 10.445 billion yuan, and the net amount in outflow reached 11.191 billion yuan, the report said.
Investor confidence in securities market up nearly 10% in October — the highest this year
The China Securities Investor Protection Fund said on Wednesday that investors’s confidence in the securities market increased 9.9% from last month, the highest this year, according to a Shanghai Securities Journal report on the same day. This was announced in a fund report on investor confidence in the securities market for October, the Journal said. Investors showed increased confidence in the economic system and its policies, and were optimistic on the direction of the stock market but remained pessimistic on the overseas sector, the report said.
Where were you for the last 70 years or so about coal’s exploitation of the West and by the West? Now that the Asian giant has risen the self-grandised and self-appointed do gooders of the West are jumpng up and down with coal’s effects! GET USED TO IT!
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