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Xinhua Finance/MNI China Business Survey: Pessimism Rises

2008-06-27 10:31 798

SHANGHAI, June 27 /Xinhua-PRNewswire/ -- Xinhua Finance (TSE Mothers: 9399) and Market News International (MNI), a part of the news service line of Xinhua Finance, today announced the June Xinhua Finance/MNI China Business Sentiment Survey. Chinese businesses have become more pessimistic about the future as they continue to struggle with rising costs and ever-tighter credit, results of the survey suggest.

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The headline overall sentiment index for current conditions in June was 61.33 after 61.11 in May, sharply down on the 70.18 recorded a year ago.

The index for input prices was again near a record-high level, hitting 82.09 in June after 79.25 in May and 70.28 a year ago while the index for the availability of credit fell to its lowest level ever at 41.72, the second month in a row that more companies were reporting worsening credit conditions than improving conditions.

Although a few of the indexes reflecting current conditions worsened in June, and a few improved, the biggest changes were to the indexes indicating sentiment for conditions in three months time.

Those indexes fell virtually across the board, in many cases to record low levels, with many of the indexes just barely above the 50 line dividing expansion/improvement from contraction/deterioration.

The monthly survey was conducted June 10-24.

Since its inception in January, 2005, the survey has accurately tracked and predicted overall Chinese economic conditions, providing important intelligence ahead of government data.

To receive a full version of the survey, or to find out more about Xinhua Finance and Market News International, please contact us via mni@xinhuafinance.com .

Notes to Editors:

About Xinhua Finance Limited

Xinhua Finance Limited ("XFL") is China's premier financial information and media service provider and is listed on the Mothers Board of the Tokyo Stock Exchange (symbol: 9399) (OTC ADRs: XHFNY). Bridging China's financial markets and the world, Xinhua Finance's proprietary content platform, comprising Indices, Ratings, Financial News, and Investor Relations, serves financial institutions, corporations and re-distributors worldwide. Through its subsidiary Xinhua Finance Media Limited (NASDAQ: XFML), XFL leverages its content across multiple distribution channels in China including television, radio, newspaper, magazine and outdoor media. Founded in November 1999, XFL is headquartered in Shanghai, with offices and news bureaus spanning 12 countries worldwide. For more information, please visit http://www.xinhuafinance.com .

About Market News International

Market News International (MNI), a Xinhua Finance company ( http://www.xinhuafinance.com ), is a financial news and information company dedicated to the global fixed income and foreign exchange markets. MNI joined the Xinhua Finance family in March 2004, bringing its niche expertise and extensive distribution network. Headquartered in New York, MNI has news bureaus and offices throughout the US, Europe and Asia.

With more than twenty years of history, MNI is a fully accredited news agency providing focused, timely, relevant and critical intelligence for market professionals. Its press credentials are accepted by all operations of the U.S. Government, including the White House, the Federal Reserve, both houses of Congress, all major agencies and cabinet departments, all similar government operations in the G-7 countries, as well as by supranational organizations such as the World Bank and the International Monetary Fund.

Source: Xinhua Finance Limited
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