The GDP of China rose in the third quarter by 2.3% (Q-2-Q), which is nearly 9.1% in annual terms. This is a drop in the growth rate from the previous quarter as the GDP grew by 9.7% and 9.5% in the first and second quarters (in annul terms), respectively. This growth rate in Q3 2011 was less than expected according to Bloomberg.
These figures indicate that the Chinese economic progress slowed down from the beginning of the year, but is still robust despite the restrictions that the People Bank of China imposed on the commercial banks by raises the reserve requirement ratios during the year in order to curb the number of loans given and by doing so to reduce the inflation pressures.
This news might be among the reasons to pull down not only major commodities prices including gold, silver and crude oil prices, but also the stock markets.
Current gold price, short term futures (November 2011 delivery) is traded at $1,663.6 per t oz. a $13 decrease or 0.78%, as of 09:30*.
Current Nymex crude oil price, short term futures (November 2011 delivery) is traded down by 0.76% to $85.72 per barrel as of 09:34*.
Euros to US dollar exchange rate is currently traded down at 1.3693 a 0.3246% decrease as of 09:35*.
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