According to the People's Bank of China, money supply growth moderated in June. Official statistics showed that growth in M1 slowed by 0.07% from May while M2 growth slowed by 0.62%. The People's Bank of China has taken several measures to control the money supply. Earlier this year it increased interest rates by 27 basis points to 5.85%. Earlier this month it increased banks’ reserve ratio by 0.5%.
According to Poland’s Foreign Trade Research Institute, the country’s economy will grow at 4.9% this year and 5.2% next year. The institute forecasts that consumption will grow as a result of personal loans and higher salaries, while investments will be boosted by EU funds. Domestic demand is predicted to grow by 4.7% this year, with investment up more than 10%, and consumer demand by 3.8%.
The Brazilian state oil and gas company Petrobras and the Russian consortium Gazprom are studying the construction of a pipeline that will cross Venezuela, Brazil, Argentina and Chile. According to Raul Campos, director of international business at Petrobras, the companies have already started negotiating the first stage of the strategy.
India's exports increased hit $9.9 billion in June, up 40% on last year. Commerce and Industry Minister Kamal Nath said he was confident that exports for the full year would cross $125 billion. Imports for June increased 24% to $13.8 billion, resulting in a trade deficit of $3.8 billion, down marginally from $4.0 billion last year.