20100713 1006 Global Economic News.

Singapore: Growth probably exceeded 20% on exports, casinos
Singapore’s economy probably grew more than 20% for a second quarter as rising exports boosted manufacturing output and the opening of two casinos spurred tourist arrivals. Gross domestic product rose an annualized 23% in the second quarter from the previous three months. (Bloomberg)

Thailand: May weigh rate increase as political violence subsides
Thailand will consider tomorrow whether to raise its benchmark interest rate for the first time in almost two years after deadly political protests ended last quarter without derailing the economy. Governor Tarisa Watanagase said last week the central bank will take “preemptive” steps to control inflation. (Bloomberg)

China: Yuan’s slow gain lets it adjust
The yuan’s slow advance against the dollar following its re-evaluation is meant to give China’s businesses time to adjust to the new monetary policy. Yuan has appreciated 0.81% against the dollar since 19 June, when the People’s Bank of China said it would allow more flexibility in the yuan’s exchange rate. (Bloomberg)

China: Inflation pressures may ease as property, lending cool
China’s property prices snapped 15 months of gains and bank lending eased in June, indicating that curbs on credit may diminish inflation pressures even as record exports support growth. China’s economic growth for the April to June period may have topped 10% for a third straight quarter.(Bloomberg)

EU: Poland’s draft budget may not make progress on EU deficit goal
Poland’s budget proposal will fail to put the European Union’s biggest eastern member on course to meet the bloc’s deficit deadline as the government avoids spending cuts before next year’s election. Prime Minister Donald Tusk’s cabinet will today announce a 2011 deficit target that’s little changed from this year. (Bloomberg)

US: Fed has ‘no plans’ to use more monetary policy tools
Federal Reserve Governor Elizabeth Duke said the central bank has no current plans to deploy additional tools for stimulating the economy. The Fed could alter its communications strategy, lower the interest rate it pays on excess reserves or replace mortgage-backed securities that are rolling off its balance sheet. (Bloomberg)

U.S : Bernanke says borrowing difficult for small firms. Some creditworthy firms with "strong" cash flows and a decline in collateral values are having trouble getting loans, Bernanke said. (Source: Bloomberg)

Japan : June producer prices rise 0.5% YoY driven by an increase in commodity costs. This follows a revised 0.5% YoY gain in May, the Bank of Japan said. (Source: Bloomberg)

China : Foreign-exchange reserves rose by 0.3% QoQ in 2Q10. The nation's holdings rose by USD 7.2b to USD 2.454tr at the end of June from the end of March, the People's Bank of China said. (Source: Bloomberg)

India : Industrial production growth slows to 11.5% YoY in May. Production jumped a revised 16.5% YoY in April. (Source: Bloomberg)

S. Korea : Central bank raises 2010 growth forecast to 5.9% YoY, more than the 5.2% predicted in April. It trimmed the estimate for next year to 4.5% YoY from a previous 4.8% YoY. (Source: Bloomberg)

Australia : Home-loan approvals rise 1.9% MoM in May for the first time in eight months. The number of loans granted to build or buy houses and apartments gained 1.9% MoM to 48,818 from April, when they declined a revised 1.5% MoM. (Source: Bloomberg)