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        <title><![CDATA[Home/Business]]></title>
        <link><![CDATA[http://www.scmp.com/portal/site/SCMP/menuitem.f4cac14c713efea733492d9253a0a0a0/]]></link>
        <description><![CDATA[Home-Business]]></description>
        <pubDate>2008-05-09 20:20:05</pubDate>
        <item>
            <title><![CDATA[Soros says impact of  crisis just being felt]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=023aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Billionaire investor and Soros Fund Management chairman George Soros said the &quot;acute phase&quot; of the financial crisis was &quot;largely behind us&quot; even as the United States economy was only starting to feel the effect.
]]></description>
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            <title><![CDATA[China Life to increase holding in fund unit]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=0722ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[China Life Insurance, the mainland's largest life insurer, will inject 1.85 billion yuan (HK$2.07 billion) into its pension fund unit to  expand its fledging enterprise annuities business. 
]]></description>
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            <title><![CDATA[IMF official urges decisive action]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=114aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Global inflation is back after a prolonged period of stable prices, and policymakers should act aggressively if things  get out of hand, a top IMF official  said.  
]]></description>
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            <title><![CDATA[In Brief]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=13bfae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[ICBC board secretary Pan Gongsheng, an experienced banker,  will become a vice-president of  Agricultural Bank of China in the near future to help accelerate its restructuring and eventual public listing.]]></description>
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        <item>
            <title><![CDATA[Gold gains ground as dollar changes course]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=17b9ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Gold rose more than 1 per cent  yesterday as the US dollar changed course to fall from two-month highs against the euro after the European Central Bank left interest rates unchanged at 4 per cent.
]]></description>
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            <title><![CDATA[Strong yen, US slump put brakes on Toyota]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=205aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Toyota Motor Corp, the world's second-largest  carmaker, said fourth-quarter profit dropped more than analysts estimated, and forecast earnings this year would fall 27 per cent  because of a stronger Japanese yen and United States sales slump.
]]></description>
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            <title><![CDATA[PBOC eases deposit reserve  rule for rural credit co-ops]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=22cfae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The mainland central bank is relaxing the deposit reserve requirement at rural credit co-operatives to address the financing needs of the country's rural population. 
]]></description>
        </item>
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            <title><![CDATA[ECB keeps rates  at six-year high  to fight inflation]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=266aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The European Central Bank kept interest rates at a six-year high  yesterday to fight inflation, even as the euro's appreciation and fallout from the United States housing slump curb economic growth.
]]></description>
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        <item>
            <title><![CDATA[Fannie Mae prices US$4.5bn of securities]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=2dc5f661c6bc9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Fannie Mae priced US$4.5 billion of securities on Thursday to shore up the balance sheet of the biggest provider of financing for US home loans as it grapples with the worst housing slump in decades.
]]></description>
        </item>
        <item>
            <title><![CDATA[China Mobile exploring opportunities  in Africa]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=3038ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[China Mobile Communications Corp, the parent of Hong Kong-listed China Mobile, remains interested in Africa as a wide-open market,  despite not bidding for  MTN Group, a leading  telecommunications operator in Africa that is for sale. 
]]></description>
        </item>
        <item>
            <title><![CDATA[Bank of England holds steady]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=351aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The Bank of England kept the benchmark interest rate unchanged, guarding against inflation after three cuts in borrowing costs since December last year.
]]></description>
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        <item>
            <title><![CDATA[Walter  Kwok bounces back despite brothers and rumours]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=36c9ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Sun Hung Kai Properties chairman Walter Kwok Ping-sheung, who temporarily stepped down in February, is ready to take the helm again. 
]]></description>
        </item>
        <item>
            <title><![CDATA[Huawei to sell mobile devices stake]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=3ae1ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Huawei Technologies, one of the mainland's leading telecommunications equipment vendors, plans to sell a stake in its mobile devices business to foreign investors in exchange for help to establish a presence in the United States market, sources said. 
]]></description>
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            <title><![CDATA[Cerberus seeks mainland investment partnerships]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=4142ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Cerberus Capital Management,  the US$21 billion New York-based buyout firm, plans to partner with  mainland companies to invest in the  United States and Europe, chairman John Snow said.
]]></description>
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        <item>
            <title><![CDATA[IMF chief calls for faster yuan rise]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=4320ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The yuan has strengthened against the dollar, but it needs to rise further and faster to help with the global adjustment of a weaker greenback, International Monetary Fund chief Dominique Strauss-Kahn said on Wednesday.  
]]></description>
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            <title><![CDATA[Tougher share sale penalties on cards]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=4c11ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The Shanghai Stock Exchange is considering more severe penalties  for investors flouting share disposal restrictions in a move to prop up the beleaguered stock market, after it punished three companies in less than three weeks of the rule's implementation, according to state media.
]]></description>
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            <title><![CDATA[Jinchuan sells stake in Allegiance to Zinifex]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=4fefae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Zinifex all but locked up its US$804 million takeover of fellow Australian Allegiance Mining  yesterday after the mainland's Jinchuan Group,  Allegiance's biggest shareholder, agreed to sell its 10 per cent stake into the deal.
]]></description>
        </item>
        <item>
            <title><![CDATA[Strange goings-on in the FX market]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=51dfae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Something strange has been going on in Hong Kong's forward foreign exchange market.
]]></description>
        </item>
        <item>
            <title><![CDATA[China factory-gate inflation hits 3-year high]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=5755f661c6bc9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[China’s producer price inflation rate edged up to 8.1 per cent in April from 8.0 per cent in March as rises in food, energy and raw material costs pushed up factory-gate prices at the fastest rate since late 2004.
]]></description>
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            <title><![CDATA[Lobbyists want  Legco  time on accumulators]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=5d82ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Legislators vowed to call a special session at the Legislative Council to discuss  the derivative product known as an  &quot;accumulator&quot;, after failing to  convince a  government minister to tighten regulatory control yesterday.
]]></description>
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            <title><![CDATA[Citic Pacific sets goal of HK$10b recurrent income]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=62afae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Red-chip conglomerate Citic Pacific's goal is to have HK$10 billion  recurrent income a year in the future, mainly driven by its special steel, mining and mainland property businesses, said chairman Larry Yung Chi-kin.
]]></description>
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            <title><![CDATA[In Brief]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=68aaae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Initial jobless claims in the  United States dropped last week to a level that still signalled businesses were trimming labour costs.]]></description>
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            <title><![CDATA[Ping An puts A-share sale on hold]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=6b38ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Ping An Insurance (Group), bowing to market pressure, will shelve its mega-refinancing plan in the mainland stock market for at least  six months. 
]]></description>
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            <title><![CDATA[EU launches anti-dumping probe into steel]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=7100ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The European Commission launched a new anti-dumping probe into imports of steel from China  yesterday, broadening the scope of what could become a fresh trade dispute.  
]]></description>
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            <title><![CDATA[Wal-Mart lifted by discount  shoppers]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=79daae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Wal-Mart Stores  and Costco Wholesale Corp reported sales that rose more than analysts estimated after United States consumers bought discounted clothing and food as they contended with higher  petrol prices.
]]></description>
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            <title><![CDATA[Mouthpiece media swallows  wealth study spin whole]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=8599ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[No, this excerpt does not come from the Soviet era Russian broadsheet of that name. Pravda in Russian means truth and this reference was actually to the Party Rendition and Authorised Version of Daily Announcements, which is what passes for an English language daily newspaper in Singapore.
]]></description>
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            <title><![CDATA[Unilever earnings leap 33pc on cheese unit sale]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=88caae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Unilever, the world's second-largest maker of food and detergent, reported a 33 per cent increase in first-quarter profit after selling its Boursin cheese unit and said annual sales growth would exceed its forecast.
]]></description>
        </item>
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            <title><![CDATA[Only long-shot chance of change to HSI line-up]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=92d0ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The compiler of  the Hang Seng Index is expected to leave the benchmark gauge unchanged after a review, but one wildcard could be the inclusion of mainland property developer Country Garden Holdings. 
]]></description>
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            <title><![CDATA[E-Land pulls offer after dispute with sponsors]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=9648ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[E-Land Fashion China Holdings, a spin-off of South Korea's largest fashion retailer, has scrapped its listing plan in Hong Kong due to a disagreement with  the sponsors, sources said yesterday. 
]]></description>
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            <title><![CDATA[Gazprom No 3 by market value]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=997aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Gazprom overtook China Mobile and General Electric  to become the world's third-largest company by market value after its chairman, Dmitry Medvedev, became Russia's president.
]]></description>
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            <title><![CDATA[Oil prices holding above US$124 a barrel]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=9e06f661c6bc9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Oil is trading above US$124 a barrel in Asia after a record settlement in the previous session.
]]></description>
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            <title><![CDATA[Next HKEx chief 'need not be Chinese']]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=9e40ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The next Hong Kong Exchanges and Clearing chief executive may not necessarily be a Chinese national, but someone who can speak Putonghua is preferable, according to the chairman of the  exchange operator.
]]></description>
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            <title><![CDATA[Financial, property plays lead HK slide]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=a029ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The Hong Kong share market fell yesterday for a second day, led by financial stocks on concern new US disclosure requirements will expose further subprime losses for Asian banks.
]]></description>
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            <title><![CDATA[Worries of further credit losses hurt Asian stocks]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=a549ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Asian stocks declined for a second day yesterday, led by financial companies and power generators, on concern new United States disclosure rules will reveal further credit losses and record oil prices will curtail earnings growth.
]]></description>
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            <title><![CDATA[Oil heads towards  record near US$124]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=a579ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Oil yesterday steadied  within sight of a record high near US$124 a barrel as the US dollar's rise against the euro reduced the appeal of the commodity as a hedge against inflation.
]]></description>
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            <title><![CDATA[State Street's subprime damages  may be 12 times reserve amount]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=a88aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[State Street Corp, the largest money manager for institutions, may have to pay more than 12 times the US$625 million it set aside for damages from lawsuits over losses from subprime-mortgage investments made for pension funds.
]]></description>
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            <title><![CDATA[SEC to make  banks reveal  liquidity level]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=b79aae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The United States Securities and Exchange Commission is scrutinising the liquidity of investment banks it supervises and plans to require the top Wall Street firms to publicly disclose their current liquidity and capital positions, SEC officials said  on Wednesday.
]]></description>
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            <title><![CDATA[Euro rebounds from 2-month low]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=c109ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[The euro hit a two-month low against the US dollar  yesterday, but rallied in New York to US$1.5427, a gain of 0.2 per cent. 
]]></description>
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            <title><![CDATA[Mainland equities bounce back   on signs of government support]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=c489ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Mainland stocks rebounded   yesterday in response to signs that the authorities were determined to support the market.
]]></description>
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            <title><![CDATA[Yuan's retreat in NDF market points  to possible reversal of appreciation]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=ce61ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[A sharp fall  of the yuan against the US dollar in the offshore non-deliverable forwards market on Wednesday underlined the risk of a reversal in the trend of yuan appreciation, a  mainland researcher said.
]]></description>
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            <title><![CDATA[Supply fears drive rice price]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=e469ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Rice yesterday gained for a fifth day after a cyclone in Myanmar flooded 5,000 sq km  of farmland, and Malaysia began imports from Thailand.
]]></description>
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            <title><![CDATA[Pacific Basin taps market for HK$2.1b]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=f7a9ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Dry-bulk shipper Pacific Basin Shipping is to raise HK$2.14 billion in its second fund-raising exercise in six months.
]]></description>
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            <title><![CDATA[Trade tensions flare  over paper levy, food]]></title>
            <pubDate>2008-05-09 00:00:00</pubDate>
            <link><![CDATA[http://www.scmp.com/vgn-ext-templating/v/index.jsp?vgnextoid=fd90ae73e69c9110VgnVCM100000360a0a0aRCRD&s=Business]]></link>
            <description><![CDATA[Sino-United States trade frictions are showing no signs of abating as the US  levied a fresh round of duties on Chinese-made paper while the mainland revealed a list of tainted American food.
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