The GDP of China rose in the second quarter by 2.2% (Q-2-Q), which is nearly 9.6% in annual terms. This is nearly the same rate as in the first quarter in which the annual growth rate was 9.7% and the quarterly increase was 2.1%.
These figures indicate that the Chinese economic progress remains robust despite the new restrictions that the People Bank of China introduced including the raises on the reserve requirement ratios of the commercial banks in order to curb the number of loans given or the raises in the basic interest rates.
This news might be among the reasons to push major commodities prices including gold, silver and crude oil prices high yesterday.
Current gold price, short term futures (August 2011 delivery) is traded at $1,584.9 per t oz. a $0.6 decrease or 0.04%, as of 09:19*.
Current Nymex crude oil price, short term futures (August 2011 delivery) is traded with no change at $98.05 per barrel as of 09:28*.
Euros to US dollar exchange rate is currently traded up at 1.4232 a 0.4585% increase as of 09:31*.
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