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China shares open slightly lower
[2009-01-14 13:27:57]
Chinese share prices opened slightly lower on Wednesday as investors weighed December's economic data on trade and new loans.
The benchmark Shanghai Composite index opened down 1.06 points, or 0.06 percent, at 1,862.31. But it trimmed loss and gained as much as 0.7 percent minutes into trading.
Custom data released Tuesday showed exports fell 2.8 percent year-on-year in December, slumping for a second straight month. Shipments dropped 2.2 percent in November, the first monthly decline since June 2001.
But data on new loans boosted confidence the massive economic stimulus package and "moderately loose" monetary policy have already taken effect in spurring economic growth.
Outstanding local currency loans for December expanded by 771.8 billion yuan ($113 billion), 723.3 billion yuan more than the same month of 2007.
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