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Post by bot on Jul 9, 2013 3:48:28 GMT -5
China consumer prices rise faster than expected LOS ANGELES (MarketWatch) -- China's consumer prices rose at a faster pace in June, while wholesale prices chalked up a 16th straight month of deflation, data out Tuesday showed. The National Bureau of Statistics said the consumer price index climbed 2.7% from the year-earlier month, accelerating from May's 2.1% rise but still well below the Chinese government's 3.5% target for this year. The result was above an expected rise of 2.5% from separate Dow Jones Newswires and Reuters surveys of economists. The producer price index, meanwhile, fell 2.7%, slowing from a 2.9% drop in May. The result matched economists' projection in both the Reuters and Dow Jones Newswires polls. Chinese stocks rose after the data, which was released as the equity markets opened. Hong Kong's Hang Seng Index rose 0.6% after trading 0.1% higher in premarket action, while the Shanghai Composite Index swung to a 0.3% gain compared to a 0.2% loss ahead of the open. The Australian dollar -- often sensitive to the economic outlook for Australia's top trading partner -- fell to 91.03 U.S. cents, compared to 91.18 U.S. cents just ahead of the data.
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