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U.S. stock market nose-dived on Monday; crude-oil futures plummet to the lowest since November 2010; gold prices scaled another peak

The finance ministers and central bank governors of the Group Seven pledged to sustain global financial stability amid concerns on U.S. rating downgrade.

There has been a wide concern that if local governments choose to reduce holdings in equities, the stock market will suffer.

China Foreign Minister Yang Jiechi, who is visiting Poland, urged the United States to be responsible in its monetary policies and protect the dollar investment of other nations.

The bottleneck squeezed china is whether it can follow the example of U.S. tax-delay mechanism, which may require much more support from the financial and tax departments.

China will continue to diversity its foreign exchange reserve investment to reduce negative impacts from fluctuations in global financial market

China could transfer much of its loans to the funding vehicles of local government to a major policy bank to solve the problem loans

China's official purchasing managers' index dipped to 50.7 percent in July from June’s 50.9

At 49.3,the reading of manufacturing PMI is consistent with an IP growth rate of around 12-13%, leaving enough room for Beijing to keep tightening measures in place through 3Q to check inflation.

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