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China HSBC at 51.6, meets expectations

FXstreet.com (Barcelona) - The HSBC Purchasing Managers’ Index came at 51.6 in March, in line with expectations of 51.6, and up from 50.4 in February, signalling "a modest improvement as operating conditions in the Chinese manufacturing sector improve for five consecutive months" HSBC said in a released statement.

Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: “China's recovery continues, mainly driven by the gradually improving domestic demand conditions. The decline in input prices suggests a modest pace of demand recovery and moderating inflationary pressures. This, plus the lingering external headwinds, implies the Beijing policy makers should keep a relative accommodative policy stance in place.”

Cyprus large depositors face 60% in losses

Large deposits above 100,000 euros sitting on Bank of Cyprus account face losses of as much as 60% on Bank, an announcement made over the weekend by the bank suggests, which occurs within the context of a semi-legal robbery to prevent the country from going bust.
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