China

China's foreign exchange reserves hit record 1.91 trillion dollars

Beijing  - China's central bank on Tuesday reported that the nation's foreign exchange reserves had soared to a record 1.91 trillion dollars by the end of September, fuelled partly by a large trade surplus.

The latest total of foreign exchange reserves was up 33 per cent from September 2007, following the addition of 377.3 billion dollars to the reserve in the past year, the People's Bank of China said.

China's foreign exchange holdings jumped by 21.4 billion dollars last month alone, the bank said.

China reported reserves of 1.53 trillion dollars at the end of last year, up 48 per cent from 2006.

Shanghai shares plunge despite regional gains

Beijing  - China's main stock market index plunged by nearly 3 per cent Tuesday despite an Asian regional rally spurred by bank bail-out deals.

The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies on the larger of the mainland exchanges, lost 2.71 per cent to end the day at 2,017.32, down 56.25 points.

The smaller Shenzhen Component Index also lost nearly 2 per cent of its value after both markets made initial gains in the morning session.

Only 217 shares traded on Tuesday rose, with 1,373 falling and 120 unchanged, state media said.

Sixth Council meeting of International Network for Bamboo and Rattan tomorrow

New Delhi, Oct 14 : The Sixth Council meeting of the International Network for Bamboo and Rattan (INBAR) will begin here tomorrow.

This is for the first time that the council meeting is being organised outside its headquarter in China.

India being chair of the council session is hosting the Sixth Council Session. This meeting will provide guidance for future thrust of INBAR activities. INBAR has 34 member countries at present, which include 13 in Africa, 10 in Asia, 10 in America and one in Oceania.

President Zardari leaves for China

Pakistani President Asif Ali ZardariIslamabad - Pakistani President Asif Ali Zardari on Tuesday left for Beijing to garner economic and commercial assistance as the security situation along the Afghan border undermines the country's relations with the United States.

The four-day visit is Zardari's first official bilateral visit since his election to the presidency in September. However, he had already met US President George W Bush on the sidelines of the United Nations General Assembly session last month.

Financial clouds keep China's house buyers at home

Beijing - As house sales and prices tumble in China amid heightened uncertainty brought by the global financial turmoil, millions of would-be first-time buyers are locked in a standoff with giant, government-backed property developers.

"Developers expect the government to save the market and loosen the control of property loans," said Zhou Fan, chairman of the Zuoyou Real Estate Consultancy, based in the southern city of Guangzhou.

"Consumers expect the government not to take measures and think prices are still too high," Zhou told Deutsche Presse-Agentur dpa.

Many buyers are waiting for an expected fall in property prices, depriving the developers of the advance cash they need to fund some larger projects.

Dalai Lama to be discharged today

Dalai Lama to be discharged todayNew Delhi, Oct 14: Tibetan spiritual leader Dalai Lama, who underwent a gall bladder surgery at a hospital here, will be discharged today.

The Nobel laureate underwent a laproscopic surgery to remove stones in the gallbladder. He was admitted to Sir Gangaram Hospital last Thursday.

In August, the 73-year-old Dalai Lama was admitted to a Mumbai hospital and underwent tests for abdominal discomfort.

Doctors advised him to cancel a planned trip to Europe and rest, saying he was suffering from exhaustion.

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