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China

Looking forward

Industrial profits in August

The National Bureau of Statistics (NBS) is set to announce profits earned by China's major industrial enterprises in August on Tuesday.

Major industrial enterprises have annual revenue of at least 20 million yuan ($3.08 million).

China's major industrial enterprises made 523 billion yuan in profits in July, up 11 percent from a year earlier, the fastest growth rate since March, NBS data showed. In the January-July period, industrial profits rose 6.9 percent year-on-year to 3.52 trillion yuan.

Factory activity for September

China's manufacturing purchasing managers' index (PMI) for September, an index of factory activity, will be released on Saturday.

The official PMI was 50.4 in August, the highest reading since October 2014, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said.

The non-manufacturing PMI for September will also be announced on Saturday.

That index fell to 53.5 in August from 53.9 in July.

A reading above 50 indicates an expansion, while one below points to a contraction.

Yuan's official inclusion in SDR

The yuan will be officially included in the IMF's Special Drawing Rights (SDR) reserves basket on Saturday.

A Reuters report said on Friday that the entry will increase global demand for the currency as foreign institutions will build up fresh positions in the yuan, with some estimating up to nearly $1 trillion in the next five years.

Since the beginning of this year, overseas institutions have added 96.5 billion yuan ($14.5 billion) of investment in China's treasury bonds, according to a report by investment bank China International Capital Corp.

However, the official inclusion in the SDR basket also means China will loosen its control over the currency's exchange rate to make it more market-driven.

Oil producers' Algiers meeting

Members of the Organization of Petroleum Exporting Countries (OPEC), together with non-OPEC member Russia, are set to have informal talks on oil production levels at the 15th International Energy Forum, to be held in Algiers from Monday to Wednesday.

They are expected to discuss actions to limit oil supply levels.

More than 800,000 barrels per day of additional crude has been pouring into the global market in September compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, Bloomberg reported on Friday, citing statements from relevant ministry officials.

US economic growth for Q2

The US Commerce Department will report the final reading for country's economic growth for the second quarter on Thursday.

The second-quarter GDP growth rate was revised down slightly to 1.1 percent in August from an initial estimate of 1.2 percent, showed data from the Commerce Department .

The relatively sluggish economic performance has kept Federal Reserve policymakers from pulling the trigger on an interest rate increase.

Global Times