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Profile: Royal Bank of Canada
Royal Bank of Canada was a participant or observer in the following events:
China’s economic growth slumps to 6.8 percent in the fourth quarter of 2008, down from 9 percent in the third quarter. The decline is due to the global financial crisis, but is close to market expectations of 7 percent. The National Bureau of Statistics comments, “The international financial crisis is deepening and spreading with continuing negative impacts on the domestic economy.” This means that China’s annual economic growth is only 9 percent, the lowest level for seven years. In the previous five years annual growth had been over 10 percent, making China the third-largest economy in the world. Following the release of the figures in early 2009, many economists, especially those at Western banks, believe China will expand by no more than 5-6 percent in 2009, which would be the weakest performance since 1990. “We expect growth of 6.0 percent for 2009 as a whole, with risks still skewed to the downside,” Royal Bank of Canada says in a commentary. Others agree the economy will remain weak in the first half but think Beijing will hit its target of 8 percent growth for all of 2009 as November’s 4 trillion yuan ($585 billion) stimulus package and much easier monetary policy kick in. “The government has realized the fact that the economy is declining and regards the 8 percent target as a political task. Therefore, I think we can achieve the goal,” says Jin Yanshi, chief economist at Sinolink Securities in Shanghai. [Reuters, 1/22/2009]
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