M1B, M2 hit by capital flight
Annual growth of the nation’s M1B and M2 money supply last month slowed from a year earlier due to the impact of capital outflows by foreign portfolio investors, the central bank said yesterday. M1B, a narrow measure of the money in circulation, including currency and passbook savings deposits, rose 8.31 percent from a year ago, compared with an 8.63 percent year-on-year increase in July, the bank said. The broader M2 measurement — which includes M1B, time deposits, foreign currency deposits and mutual funds — increased 5.41 percent last month compared with the same period last year, lower than the 5.42 percent increase posted in July, it said. Chen E-dawn (陳一端), deputy head of the bank’s economic research department, attributed the declining growth in M1B and M2 to slowing growth in bank loans and investments, as well as the US$2.17 billion in net foreign capital outflows seen last month.
FOOD & BEVERAGE
Ting Hsin aims to lead China
Ting Hsin International Group (頂新集團), a Taiwanese-owned food manufacturer with a broad production base in China, on Tuesday said that its Western-style fast-food chain Dicos aims to surpass KFC and McDonald’s to become the biggest in China. Dicos plans to open 25,000 outlets in China by 2040, chairman Wei Ying-heng (魏應行) said at an event in Beijing to celebrate the opening of the chain’s 2,000th restaurant in the country.