Cnooc Parent First-Half Pretax Profit Reaches $3.4 Billion as Output Rises

(Bloomberg) -- China National Offshore Oil Corp.,
parent of the nation's biggest offshore oil producer, posted a
pretax profit of 25.7 billion yuan ($3.4 billion) in the first
six months on increased output.

Sales reached 72 billion yuan, the Beijing-based oil
producer said in a statement on its Web site today, without
giving year-earlier figures.


Read more at Bloomberg Emerging Markets News

UPDATE 1-US Treasury sees no breakthrough from China visit

(Reuters) - WASHINGTON, July 26 - U.S. Treasury Secretary
Henry Paulson will urge China to move faster to allow its yuan
currency to appreciate but does not expect a major breakthrough
on the issue when he visits Beijing next week, a senior
Treasury official said on Thursday.




Alan Holmer, the Treasury's special envoy to China, told
reporters that the trip was being made to support the
Treasury's strategic economic dialogue with China and was not
focused on near-term results.


Read more at Reuters.com Bonds News

Air China, Kia Motors, Samsung Electronics: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Air China Ltd. (753 HK): The nation's largest international
carrier said first-half profit this year is projected to surge more
than 20-fold because of growing demand for its services and gains
in investments and the yuan. The stock added 3 cents, or 0.5
percent, to HK$6.18.


Read more at Bloomberg Stocks News

China Yuan Extends Loss as Central Bank Raises Interest Rates a Third Time

(Bloomberg) -- The yuan had the biggest drop in six
weeks after the central bank raised interest rates to cool an
economy growing at the fastest pace in more than 12 years.

The People's Bank of China boosted lending and deposit rates
by 27 basis points each just minutes before yuan trading ended.
Gains in the currency and higher borrowing costs may help reduce
excess funds in the banking system that are spurring lending and
investment.


Read more at Bloomberg Currencies News

Yuan Strengthens as Gains May Curb China's Exports, Cool Economic Growth

(Bloomberg) -- The yuan rose on speculation China
will pursue faster yuan appreciation to curb exports and cool an
economy that probably grew at the quickest pace in three quarters.

A stronger yuan, which increases export prices, will
complement interest-rate increases in easing economic growth and
keeping excess funds in the financial system from fueling lending
and investment. The central bank today set the currency at the
highest since the end of a dollar link in July 2005.


Read more at Bloomberg Currencies News

China, Malaysia, South Korea, Thailand, India: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank sold 20 billion yuan ($2.63
billion) of 10-year floating rate bonds yesterday. The coupon
was one-year deposit rate of 3.06 percent plus 89 basis points.
Ten-year bonds sold in May carried a coupon of 60 basis points
more than the one-year deposit rate. The Ministry of Finance
will sell 35 billion yuan of three-year fixed-rate notes on July
13.


Read more at Bloomberg Bonds News

China shares end higher, led by banks, real estate

(Reuters) - Bank of Nanjing and Bank of Ningbo announced price ranges on Wednesday for their initial public equity offers, set to raise a combined total of up to 11.07 billion yuan .




The Shanghai Composite Index ended at 3,865.723 points, reversing a fall of as much as 1 percent during the afternoon and a 0.78 percent drop on Tuesday.


Read more at Reuters.com Hot Stocks News

India, Singapore, Sri Lanka, Malaysia, Thailand: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank will auction 20 billion yuan
($2.6 billion) of 10-year floating rate bonds tomorrow at an
interest rate based on a spread over the one-year deposit rate.
The Ministry of Finance will sell 35 billion yuan of three-year
fixed-rate notes on July 13.


Read more at Bloomberg Bonds News

China's Qinhuangdao Coal Prices Increase to Record on Summer Power Demand

(Bloomberg) -- Prices of coal at Qinhuangdao,
China's largest port for the fuel, rose to a record as
increased use of air conditioners in the summer season boosted
electricity demand.

The price for immediate delivery, excluding shipping
costs, climbed 2.98 yuan a metric ton to 563.38 yuan ($74),
for the week ended June 29, according to the McCloskey Group.
The price of coal at Qinhuangdao has risen almost threefold in
the past five years.


Read more at Bloomberg Energy News

China Shenhua Energy Plans to Raise $6.3 Billion in Shanghai Share Sale

(Bloomberg) -- China Shenhua Energy Co., the nation's
largest coal producer, is planning what may become China's
biggest share sale this year to raise as much as $6.3 billion for
expansion as demand for the fuel surges.

Shenhua plans to sell as many as 1.8 billion yuan-
denominated shares in Shanghai, it said in a statement to Hong
Kong's stock exchange late yesterday. The money will be used to
expand coal, power and transportation operations and for domestic
and overseas acquisitions, the Beijing-based company said.


Read more at Bloomberg Energy News

China, Indonesia, Malaysia, South Korea, Taiwan: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The inflation rate may climb to about 3.3 percent in
2007 because of rising food costs, the China Securities Journal
said yesterday, citing the State Information Center, which is
linked to the National Development and Reform Commission,
China's top planning body. Consumer prices rose 1.5 percent in
2006. The government will sell 30 billion yuan ($3.9 billion) of
10-year bonds tomorrow. It sold the same maturity at a yield of
3.4 percent on March 21.


Read more at Bloomberg Bonds News

PetroChina May Raise $5.6 Billion in Shanghai Share Sale to Fund Expansion

(Bloomberg) -- PetroChina Co., the country's biggest
oil company, plans to sell as many as 4 billion shares in
Shanghai, which may raise 43 billion yuan ($5.6 billion), based
on the company's share price in Hong Kong.

The proceeds of the Shanghai listing will be used to expand
the company's petroleum and gas businesses, PetroChina said in a
statement published in Hong Kong's South China Morning Post
newspaper today.


Read more at Bloomberg Energy News

China Telecom to Buy Three Units From Parent for $185 Million to Cut Costs

(Bloomberg) -- China Telecom Corp., the nation's
biggest fixed-line telephone carrier, will buy three units from
its parent to increase sales of voice and Internet services
between China and other countries.

The operator will pay 1.41 billion yuan ($185 million) to buy
China Telecom (Hong Kong) International Ltd., China Telecom (USA)
Corp. and China Telecom System Integration Co. from parent China
Telecommunications Corporation, the Hong Kong-listed unit said in
a statement today.


Read more at Bloomberg Emerging Markets News

Chinese Yuan Has Biggest Gain in a Month Before Treasury's Currency Report

(Bloomberg) -- The yuan had the biggest gain in a
month before the U.S. Treasury Department is scheduled to name
currency manipulators in a semiannual foreign-exchange report.

The Treasury Department, which has called on China to
increase yuan flexibility, in December declined to say the Asian
nation manipulated its exchange rate.


Read more at Bloomberg Currencies News

China, India, Thailand, South Korea, Indonesia: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: consumer prices gained 3.3 percent in May from a
year earlier, according to the median estimate of 19 economists
surveyed by Bloomberg News before a government report today.
April's inflation rate was 3 percent, matching the central
bank's 2007 target. China Development Bank sold 20 billion yuan
($2.6 billion) of five-year bonds at a higher-than-expected
yield of 4 percent yesterday.


Read more at Bloomberg Bonds News

Shanghai metals bounce, ignore China tightening

(Reuters) - Shanghai copper and zinc prices bounced by 4 percent on Monday after a week-long slide despite new measures by China to slow growth.

Shanghai August copper was at 64,120 yuan a tonne at midday, up 4.5 percent or 2,760 yuan from Friday's close, while July zinc was higher at 30,720 yuan.


Read more at Reuters Africa

China should not bow to pressure on yuan - adviser

(Reuters) - China's big balance of payments surplus poses acute challenges, but Beijing should free up the yuan at its own pace and take its time in liberalising the capital account, a senior political figure said on Saturday.

"We should keep the initiative in our own hands and not bow to external pressure. But we do also need to further reform the exchange rate regime," said Cheng Siwei, vice chairman of the Chinese People's Political and Consultative Conference, parliament's top advisory body.


Read more at Reuters Africa