1. Profits of industrial companies in China fell 0.1 percent on a yearly basis in September, sharply narrower than an 8.8 percent fall in August, according to data released by the National Bureau of Statistics on Tuesday Combined total profits of industrial businesses were 4.3 trillion yuan in the nine months through September, down 1.7 percent compared with the same period last year. In the January-August period, the growth rate was a negative 1.9 percent.
2. China's new move giving its banks freedom to set their own deposit interest rates does not mean the state has given up control of the formation mechanism, the central bank stressed on Monday. Regulation may be needed in some "abnormal situations" as the mechanism serves as an essential tool for China's macro-control policies, according to a statement published on the People's Bank of China (PBOC) website. Deputy PBOC governor Yi Gang said in the statement that China "will regulate the rate according to its different growth stages and inflation cycles."
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