SUMMARY
Global Economy
The European Union predicts euro area’s economy to enlarge by 0.2% and 0.1% quarterly in the third and the fourth quarter of 2011. Those are 0.2 ppts and 0.3 ppts lower than previous estimates.
The Asian Development Bank expects developing economies in Asia to expand by 7.5% in 2011 and 2012. The Manila-headquartered lender previously foresaw the growth rates at 7.8% this year and 7.7% next year.
Consumer prices in China hiked 6.2% in August 2011 from a year earlier, easing from three-year high of 6.5% in previous month. Annual gain in producer prices receded in the same period to 7.3% from 7.5%. Trade surplus, meanwhile, decreased to US$ 17.76 billion from US$ 31.5 billion in July.
Japan’s latest national account data showed the economy shrank 2.1% at an annualized quarter-on-quarter basis in three months ended June 2011. That compared to initial estimate of 1.3% contraction.
Indonesia Economy
Rupiah exchange rate dropped this week to the lowest in almost six months against US dollar following strong capital outflows in stock and government bond markets.
Bank Indonesia expressed its readiness to adjust its policy rate and mix monetary policy toward loosening should inflation cools and the economy grows less than expected due to global slowdown.
Indonesia is set to require companies to keep their funds originated from exports and external loans in domestic institutions. The rule will become effective in October 2011 with transition period spanning for three months.
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