RIYADH: China spent a significant sum on Russian imports despite Western countries drifting away from purchases.
Coal imports in the country almost doubled between March and April.
In addition to this, Apple Inc announced that it intends to boost production outside the Asian country due to slowing production and slumping demand.
Meanwhile, The People’s Bank of China has cut its five-year loan prime rate to help alleviate the country’s struggling housing market.
·China has spent a total of $6 billion on imports from Russia during the month of April including oil, gas, and coal. Liquified natural gas imports surged 80 percent when compared to a year ago to reach 463,000 tons, Bloomberg reported, citing Chinese customs data. On the other hand, crude imports increased 4 percent year-on-year to reach 6.55 million tons.
·China’s coal imports surged by around 50 percent between March and April to reach 4.42 million metric tons, CNN reported. This comes despite Western nations cutting off supplies from Moscow in response to its invasion of Ukraine. In addition to this, the Asian country is set to benefit Russian suppliers by removing import tariffs on all types of coal.
·Apple Inc. has announced that it intends to boost production outside of China, Reuters reported, citing the Wall Street Journal. This comes as lockdown restrictions hindered production as well as demand in the Asian country last month. Among the countries short-listed by the firm are India and Vietnam, both of which already entail sites of Apple production.
·The People’s Bank of China has reduced its five-year loan prime rate by 15 basis points — as opposed to analysts’ projected cut of five basis points - to stand at 4.45 percent, CNN reported. This comes in an attempt to levitate the tumbling housing market affected by the country’s slowing economy. This cut poses the second and largest reduction in 2022.
